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NW BOOKKEEPING SERVICES, LLC
  • Home
  • Services
    • Bookkeeping Services
    • Payroll Services
    • Water Association Services
  • About
  • Contact
  • Testimonials
  • Resources

 Bookkeeping 

We offer a full range of services depending on your business's needs
Bookkeeping Services Include:

Payroll Services

Full Charge Bookkeeping

Invoicing

Accounts Payable/Receivable
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Job Costing

​Financial Statements

Trial Balance
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​Data Entry

Bank Reconciliations

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Account Reconciliations

Budget Analysis

QuickBooks
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Basic Bookkeeping Needs

In House Notary Public *for active clients*

Have Questions about Bookkeeping?
Here's a crash course.

Bookkeeping Myths

Bookkeeping is often misunderstood, especially by small business owners who may find it tedious or complex. However, many common beliefs about it are actually myths. Let’s debunk a few!

Myth: Bookkeeping and accounting are interchangeable terms.
  • Reality: Bookkeeping focuses on recording daily financial transactions, while accounting is more about interpreting, analyzing, and summarizing that data to provide insights and guide decision-making. Bookkeepers record, accountants analyze!

Myth: You only need bookkeeping when it’s time to file taxes.
  • Reality: Regular bookkeeping helps you stay on top of your finances year-round, giving you insights into your cash flow and helping avoid last-minute tax season chaos. Keeping your books up-to-date throughout the year helps you make better decisions and spot financial issues early.

Myth: Bookkeeping is simply entering numbers into software.
  • Reality: Bookkeeping also involves understanding what those numbers mean, categorizing transactions correctly, reconciling accounts, and ensuring accuracy. Quality bookkeeping helps prevent costly mistakes down the line.
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Myth: Only large businesses need bookkeeping.
  • Reality: Small businesses can benefit immensely from bookkeeping to understand their financial position, manage cash flow, and make informed growth decisions. Even a simple setup can help avoid issues and track finances effectively.

Myth: With software like QuickBooks or Xero, a human bookkeeper isn’t necessary.
  • Reality: Software helps, but it can’t always understand the unique context of each transaction. Bookkeepers have the expertise to categorize and interpret transactions correctly, resolve discrepancies, and ensure accuracy.

Myth: Hiring a bookkeeper costs too much for a small business.
  • Reality: Outsourcing bookkeeping can be affordable, and many businesses find the investment pays off by helping them avoid tax penalties, identify potential cost savings, and prevent financial mismanagement.

Myth: Bookkeeping is just to stay compliant with tax authorities and regulations.
  • Reality: While compliance is essential, regular bookkeeping also provides the financial data needed to analyze trends, set goals, and make strategic decisions for growth. Understanding cash flow, profits, and expenses can reveal ways to cut costs or invest wisely.

Myth: It’s okay to ignore bookkeeping most of the year and just catch up later.
  • Reality: Backtracking can lead to mistakes, missed deductions, and lost time. Regular updates are easier to manage, create accurate records, and provide real-time data that you can use to guide your business decisions throughout the year.

Myth: Bookkeeping is straightforward, and anyone can do it with a bit of effort.
  • Reality: Bookkeeping requires a level of skill and understanding to ensure accuracy, especially if you’re tracking complex transactions. Errors in bookkeeping can cost money, create compliance issues, and lead to poor decision-making.

Myth: Any expense you record can be deducted from your taxable income.
  • Reality: Only certain expenses qualify as tax-deductible, and the rules can be complicated. A bookkeeper or accountant can help ensure that you only claim legitimate deductions, reducing the risk of an audit or penalties.
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Staying informed and using good bookkeeping practices can help you manage finances more effectively, allowing your business to thrive without these common misconceptions holding you back!

Questions and Answers!

Q.  Are you a CPA?
A. No. Going to a CPA to sort your paperwork is like going to a neurosurgeon to remove a splinter from your finger. It will be very expensive and those talents should be put to better use. 

Q. I'm avoiding calls from vendors and the state-- can you help me get back on track? 
A. We have experience in dealing with vendors, past due invoices and even state agencies. We NEVER dodge calls no matter how difficult the situation, we can often negotiate for more time and reduced expenses. 

Q. I don't understand my financial statements-- how do I know what they are saying?
A. One of our strengths is the ability to translate accounting into simple English. Tax payers we have assisted remark that we explain things they have never understood before. 

Looking to connect with us for bookkeeping services?​

We would love to chat with you! 

To make sure we provide you with the best services, we’d love to meet with you in person before getting started. Please fill out the form below and let us know how we might be able to best assist you and your business. 
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Focus on growing your business, leave the bookkeeping to us!

CONTACT NW BOOKKEEPING SERVICES, LLC

740 SE Pioneer Way, Oak Harbor, WA 98277
(360) 279-2010
[email protected]
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  • Home
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