Bookkeeping Basics for US Founders
A blunt look at how generative tech is eating routine finance work, where it still trips today, and how Wonso’s human‑plus‑AI approach lets you double down on your core trade.
Written by
Kari Honkanen
Learn essential bookkeeping practices tailored for US founders. Master these basics to ensure compliance, secure funding, and enable confident business growth.
Snapshot Bookkeeping is the meticulous daily record of every dollar flowing through your business. In the US, proper bookkeeping ensures IRS compliance, accurate tax filings, and provides clarity for critical financial decisions.
Why Bookkeeping Basics Are Essential in the US Good bookkeeping is foundational to avoiding costly IRS audits, ensuring smooth tax filing, and maintaining investor trust. Poor records can jeopardize funding rounds, lead to financial penalties, and create operational chaos.
Pillar | Why It Matters | Wonso Shortcut |
Chart of Accounts | Essential for categorizing transactions | AI-generated and IRS-compliant setup |
Source Documentation | Proof for IRS audits and accurate records | Automatic PDF invoice extraction |
Bank Feeds & Reconciliation | Catch discrepancies early | AI-assisted transaction matching |
Accurate Tax Coding | Avoid underpayment or overpayment issues | Real-time flagging of anomalies |
Month-End Close | Ensures accurate monthly financials | Automated month-end checklists |
Compliance Checkpoints:
Keep transaction records (minimum 3-7 years).
Follow GAAP standards for audited financial statements.
Quick Start Checklist:
Activate QuickBooks Online with proper settings.
Connect Wonso for automatic categorization.
Digitize all invoices and receipts using Wonso.
Perform weekly bank reconciliations.
Execute monthly close promptly.
Summary
Effective bookkeeping is not just about compliance—it’s a key part of your growth strategy. With Wonso automating the daily grind, focus your energy on growing your business.
