There was a point in time where we kept getting this question. Quite odd actually. The client's we heard this from, wanted us to just somehow start managing their books without putting in old transactions or cleaning up the past. Now, if it was a new year that just started and they wanted to do taxes from their bank statements for the last year, we'd say "ok."
However, if you are six months into the year and you need that year to do taxes and want to know how your business is really doing or even how you are really spending your personal money, then the past transactions need to be added and reviewed!
One for one, once we get the system in place, and the client goes over the Birds Eye Budget with us... they realize how valuable it was for us to take into consideration all the transactions for the year! It shows us all the red flags, it shows us where money is ACTUALLY going (not where they guess it is) and it shows us the road map to better money management strategy.
The CPA is also very happy that they have clean reports to operate from. This allows for better deductions! Yay! If you are wondering whether you should get started now or later, the time is now. It will actually save you money. Putting order into the finance area can never result in a bad way!