As tax season kicks into overdrive, having a strong bookkeeping foundation is as important as ever. And, of course, Sound Business Services is there for you every step of the way. There are some routes and strategies for you to pursue and implement that will not only make both of our lives easier, but also take your business to the next level.
Here are 5 ways that you can bolster your bookkeeping:
#1: Streamline the flow of information. In this age of technology and information available at our fingertips, it baffles me how so many people are still using archaic ways of transferring their financial information to their bookkeeper.
If you’re one of these people, stop! Otherwise, you are putting yourself in a tremendous disadvantage, and making your life much more complicated than it needs to be.
There are tons of apps out there that will streamline your flow of information, including some of our favorites – Dropbox, Bill.com, Hubdoc, Receipt Bank and SpringAhead. We would love to discuss which apps, and other technology, will specifically work for you so that you can run and grow your business like never before. Contact us today for a free evaluation!
#2: Ensure your financial information is backed up. Your financial information is sensitive and key to the survival of your business. So, in the event of an equipment failure or some other crisis, you must have everything backed up.
Of course, as your bookkeeper, your accounting file is backed up; however, you must have everything backed up, including your source documents. This is something very simple that can prevent the loss of something very valuable. Bottom line? You can’t afford not to be backed up.
#3: Make the move to QuickBooks Online (QBO). If you haven’t made the move to QBO, what are you waiting for? I say this because once you make the plunge into QBO, you will never, ever, regret it.
With incredible features such as anytime/anywhere access and data backup, and powerful new features to consistently stay on the cutting edge of technology and user experience, QBO is the solution to so many of your needs. Please reach out to us; we can teach you QBO and help customize your installation.
#4: Stop using cash. As tempting as it might be to pay for something with cash, don’t do this when it comes to business. A lot of business expenses can be lost through cash purchases; this is not a good business practice. Instead, use a credit card or business check, and you’ll have a relevant paper trail. This helps you – and us – come tax time.
#5: Add budgeting and projecting to your services. If you are paying for bookkeeping services only to keep the IRS happy, you’re receiving only half the benefit. By adding budgeting and projection services to your bookkeeping, we can use your historical financial data to help you plan for the future and grow your business.
For a breakdown of this, check out our recent blog. And, of course, let us know if you want these services and we will get you on the path to envisioning, and reaching, your goals and success.
Give Bookkeeping the Priority It Deserves
When we are so focused on the everyday challenges of our businesses, we often forget to take some time to set up the fundamental processes and strategies ahead of time to help us grow.
Having strong bookkeeping should be at the top of the priority list! Waiting until the last minute to give bookkeeping information puts undo pressure on everyone – the bookkeeper, the accountant, and most importantly, you.
Contact us today for help pursuing these ways to bolster your bookkeeping, and you will be on your way to big things!