Linda Pinson
1 Save your money; don't buy this book.
Considering the high cost of this book, it was definitely not worth it. Most of the information in this book could have been accessed for free through the IRS. I should have paid attention to the negative reviews that were written by other people to not buy this book. In addition, the entire book deals with single-entry bookkeeping. It tells you that you should hire an accountant or a professional payroll firm to do other types of bookkeeping. Most people like myself, who buy self-help books, are financially challenged, and buy these books to learn how to do everything themselves. We cannot afford to hire outside help.
2 Not that much information
Based on some of the glaring reviews, I was really expecting a superior book here. What I got wasn't even good for the green as green novice.
I was anxious to read the tax information since some reviewers had noted how great that was, but alas, I found it to be note much different from what I get from the IRS or even by reading basic tax forms...FOR FREE!
I'd pass on this one.
3 Good to average accounting book
This bookisn't bad for somebody who is completely new to accounting, but I found it average for anyone with any modicumof experience. Might be good for people with C-Corporations, but not for people with S-Corporations.
4 Okay for someone new
Most og the context in Keeping the books is either basic or outdated. If you are brand new or like I was, lousy at organization, you will find an idea or two from Keeping The Books.
5 Bookkeeping for dummies - brilliant!
When I started my first business, I found this book priceless: step-by-step instructions on how to keep business accounts and what accounts need keeping, and when to update them. The appendix contains templates of all the major records needed for a small business. For someone who knew nothing this was a real lifebelt. Very easy to read, and immediately useful.
6 This book sucks
When they say "basic" they mean really, really basic. The book does have some useful sample spreadsheets, like a sample P&L, but the advice is way off base. First off, she recommends you buy a small hardbound journal record in it every thought you have about your business, any expenses, etc. I'm sure her accountant looooves her when she brings this to him every year. Clearly this should not be your primary recordkeeping system. Since this book is about recordkeeping, this serious destroys her credibility.
The book is written to a low-tech, low-IQ audience. It might be useful if you have never had a job before or if you're 12 years old. Otherwise, don't even bother.
7 Good for SMALL business owners
I found that this book is great for small business owners who don't have much background in accounting and records management. Keep in mind that this book explains the cash basis and the accrucial basis of accounting quickly and very close to the actual accounting methods that you could learn in a basic intro course. I took an accounting course and it explains a few tricks to remembering the debits and credits of accounting(accrucial basis). There are a few critical components that are left out in it's explanation - although it explained it very well in JUST a few chapters. If you are planning to use the double-entry method in your books, I advise you take an accounting course or consult with a professional for more information on how to keep your books. Also, it didn't put much emphasis on the fact that accrucial basis accounting is actually more effective vs. that of cash basis. - a trade i learned in an accounting course. Although it is argued that either method is just as effective. A Good book for the start up a business or if you just started a business.
8 Great book!
This is a really great book for beginners. I'm not a proffesional accountant (my primary area is computer systems administrations) but I have been working in banks for 5 years and I read a lot of books about accounting basics because it was part of my job. And usually those books were either too practical or too academic. But this one is perfectly balanced. It explains you not only what to do but it also gives you a pretty solid background why you should do this and what for. It shows you a complete picture of a small company accounting including major forms, reports shedule, books etc and that's all in just 200 pages. It's amazing how the author can explain in a couple words some concepts which usually takes a whole chapter in some other tutorials. You can read it to just to get some idea about accounting wording and concepts, or you can keep it on the table and use as a Howto giude in your everyday work, it works both ways. And it's pretty fairly priced. Very, very nice book!
9 Excellent beginners tool for learning bookkeeping
I purchased two copies of this book. One for a student taking her first class in bookkeeping and the other to give to my boss, who is excellent in what he knows how to do. Give orders and knows very little about accounting. He is the president of the company. To be honest he is a good boss and we all like him, yet I find it so frustrating when trying to explain what the financials are all about. He gets lost and puts them in a drawer. I wanted to see for myself what was in this book so I read it. It was very easy to read and understand. This is an excellent book to give to anyone who is starting a new business and has little to no knowledge of accounting and needs a fast primer to get started. Also, for the boss who wants to learn and is afraid to ask. And for a student. Good value for what you get.
10 Must own book!
This book contains a lot of good information. It is aimed towards people who don't have a background in accounting/recordkeeping...but who maybe know the basics.
I was able to get answers to a number of questions I had as far as how the details of accounting work.
The book does focus mostly on the single-entry method of accounting, as opposed to the double-entry system.
11 Great Book For Small Business People
"Keeping The Books: Basic Record-Keeping and Accounting For The Small Business" by Linda Pinson and Jerry Jinnett is an excellent introduction to record-keeping and accounting for small business owners.
The book does a solid job introducing record-keeping. It discusses the:
General Journal
General Ledger
Petty Cash Record
Inventory Records
Fixed Asset Log
Accounts Receivable
Accounts Payable
Independent Contractor Record
Payroll Records (though the authors recommend you hire a payroll firm to handle your payroll due to the government's extreme demands for payroll records)
Mileage Log
Travel Expense Records
Entertainment Records
Sample forms of all of the above are given and explained, as well as blank forms the authors state you can copy and use for your business. Today most of us would put such records on a computer, but we should still understand the process, the authors point out.
"Keeping The Books" is especially good, as it discusses, not only single-entry accounting, but also gives a decent introduction to double-entry accounting. The brief explanation, though very good, is not as good as taking an introductory class in double-entry bookkeeping. Taking a basic bookkeeping class is one of the best things a new business owner can do.
For example, "Keeping The Books" casually mentions there are two sides to any business transaction and the two sides are recorded as debits and credits. Then it lists the rules for how revenue, expense, asset, liability, and equity accounts are affected by debits and credits. (Debit increases the value in an asset account; a debit decreases the value of an equity or liability account, etc.)
Debits are entered on the left-hand side of the column and credits are entered on the right hand side. But, it is never explicitly stated that the one giving in the transaction is the credit(or) and the one receiving in the transaction is the debit(or). A simple rule like that makes understanding double-entry accounting much easier.
For example, if you sell one hour of your service, Service Revenue is the giver (so it's credited) and cash is the receiver (so cash is debited) and increased. Many people new to accounting benefit from having that point *explicitly* mentioned, though some might say it is obvious.
But, overall, the introduction to double-entry accounting is solid, extremely readable and not overly long. Adjusting the entries at the end of an accounting period is also discussed.
"Keeping The Books" goes into basic financial statements--balance sheet, income statement (or profit and loss statement), projected cash flow statement. These topics are very well-explained and will benefit the small business owner.
Pinson and Jinnett show how to put all the statements on a comparative basis to examine percentage value changes. For example, on the income statement, let sales' revenue be 100% and, then, examine all costs and expenses (and hopefully profit!) as a percentage of sales. This helps you understand your business better and make better business decisions.
Especially good is the discussion about projecting cash flow on a month-by-month basis. This is something too few business owners do. Break-even analysis is also briefly mentioned.
A excellent chapter written by Marilyn Bartlett, C.P.A., discusses basic financial statement analysis and how it helps you understand and improve your business. Incidentally, this chapter would be good reading for someone new to investing who wants a good introductory explanation of why and how analysts break down financial statements.
Finally, "Keeping The Books" mentions the basic tax forms your business will need. Though there is no discussion about actually filling out the forms. Useful tax calendars tell you when to send in what form to which agency. But, you can get that directly from the IRS.
Overall, this is a great book for new business owners to learn basic record-keeping and accounting. The book is extremely readable and covers extremely important topics for the new business owner to understand. Review by Peter Hupalo, author of "Thinking Like An Entrepreneur"
12 Well Written for Non-Accountants/Bookkeepers
This book is excellent and well written for people who are NEW to bookkeeping/accounting for small business. I especially found the checklists provided (when to pay various Federal and State Taxes, to whom to pay various Federal and State Taxes, when to produce certain financial reports, what to have ready for your Tax Accountant at year end and in what format) to be VERY useful. EXCELLENT reference book for the do-it-yourself bookkeeper.
13 This book was an excellent resource!
This book was great for helping cope with all the difficulties and stressors of bookkeeping. I really enjoyed this book and would like for others to know that it's a great book.
