Catch Up Bookkeeping
Savvy business owners know the importance of recording their daily business transactions accurately and in a timely manner. If you are a small business owner, the job of record keeping likely falls on your to-do list. Sometimes the day-to-day priorities of operating your business leave you with little or no time to complete the recording and you push it aside to be completed later. Before you know it, the stacks of receipts, invoices, and bills are overwhelming and seemingly insurmountable and now tax preparation season is right around the corner. Fortunately, the accounting professionals at Truebooks offer Catch-Up Bookkeeping Services.
By following the steps below, the Truebooks professionals will guide you in the process of getting your bookkeeping up-to-date, and even complete the catch-up bookkeeping for you, to ensure you have the reporting tools necessary to manage your business efficiently.
Step 1: Truebooks will set you up on Accounting Software that meets your industry specific needs.
Not all accounting software programs are equal. Truebooks will assist you in selecting the appropriate accounting software to meet your industry-specific needs. Our preferred software is Xero Accounting, a cloud-based accounting program. Ask our experts about Xero-Accounting to find out more.
Step 2: Gather Your Receipts, Invoices, and Vendor Bills
Using the data you provide, Truebooks will guide you in gathering or even record the daily transactions into your accounting software. Some areas to focus on are:
- Customer Estimates
- Customer Invoices
- Customer Payment Receipts
- Purchase Receipts
- Vendor Bills
- Vendor Payments
Step 3: Reconcile your bank and credit card accounts
Reconciling the bank and credit card account statements ensures that all payments made, revenues received, and credits provided are recorded in your accounting system. It is a check-and-balance to ensure that 100 percent of the activity that occurred during a specific period is recorded into your accounting system. Any missing or inaccurate transactions are fixed during this reconciliation process.
Step 4: Digitize your receipts and important documents
Why take up valuable office space with file cabinets and storage boxes filled with important receipts and documents. There are many desktop and on-line tools one can use to scan images of receipts and important documents. These digital documents can be saved to the cloud to be easily retrieved when needed. The perfect time to go paperless is while completing your catch-up bookkeeping.
Step 5: Payroll and Independent Contractor Forms
All payroll payments made to employees or payments made to independent contractors need to be recorded in your accounting software. The reports generated by your accounting software will allow for accurate filing of mandated tax or governmental agency reports.
Truebooks is here to assist you with your bookkeeping needs. Whether we act as an advisor on the process or we process the catch-up bookkeeping transactions, we will work with you to accomplish the goal: current and accurate accounting records. Call us today to set up your free, no obligation consultation at (587) 784-2450.