Do it Daily - your Bookkeeping, that is...
With technology as advanced as it is, bookkeeping can be streamlined better than ever. Bank accounts and credit cards can be linked to your provider's website, where you can upload all your transactions with a click of a button. This saves a tremendous amount of time with data entry. While you still need to assign an accounting code to each transaction, you do no have to hand key every single transaction yourself.
QuickBooks also allows you to memorize a transaction. This saves time with those regularly occuring transactions. Again, just a click away from posting these. In addition to memorizing, you can duplicate previous transactions, and update with current information. This saves you time from looking up previous transactions, printing them out and then entering a new transaction.
A lot of clients come to us having never posted one receipt, invoice, or check. The good news is, Bookkeepers and CPA's love putting puzzles together! However, Bookkeepers & CPA's, alike, both agree that the importance of daily bookkeeping cannot be stressed enough. Not performing daily bookkeeping leaves you open to errors, which can flag an audit by the IRS (NOOOOOO!).
Whether you have 2 hours a week or 40 hours a week of bookkeeping, Do It Daily! Save yourself the headache of trying to remember why you bought that thing and enter it the day you buy it.
Please let us know if you have any questions. We are here to help balance your business so you can balance your life.
All Figured Out