As a business owner, you are always looking for ways to save time in your business, but you want to make sure you are not cutting corners in one place and causing additional problems down the road. This holds true when you are doing your bookkeeping as well. I always tell my clients when they are setting up their bookkeeping systems to make sure that they are capturing information that will be helpful for them when it comes time to prepare their tax returns. But tax compliance shouldn’t be your only concern when you are doin...
As a business owner, you are always looking for ways to save time in your business, but you want to make sure you are not cutting corners in one place and causing additional problems down the road. This holds true when you are doing your bookkeeping as well. I always tell my clients when they are setting up their bookkeeping systems to make sure that they are capturing information that will be helpful for them when it comes time to prepare their tax returns. But tax compliance shouldn’t be your only concern when you are doing your bookkeeping. If there are certain items you want to track in your bookkeeping, you need to set those processes up in the beginning so that you can see the results at the end of the month, quarter or year. Remember the saying garbage in is garbage out? This is true in your bookkeeping as well. When you are utilizing a computerized software system to track your bookkeeping, I’m sure you’ve noticed how easy it is to have your banking transactions automatically feed into your bookkeeping system. There are also ways that you can have them automatically categorized for you by using bank rules. In theory, this is a great system, but it can cause problems in your bookkeeping if you are not careful about how everything is set up from the beginning. In today’s podcast episode, I am going over what bank feeds and bank rules are and how to ensure you have everything set up appropriately so that you can have accurate financial statements which allow you to make sound business decisions. It doesn’t matter if you are just getting started with your business, you are a self-employed individual, a solopreneur, entrepreneur, small business owner, a remote, virtual, online or in-house bookkeeper, or a virtual assistant or VA, you want to make sure you are utilizing the processes available to you in a way that you are truly saving time and not creating another task that will take even more time to straighten out in the end. I’ve seen how easily this can happen to business owners when they think they have everything recorded correctly only to find that their financial statements are a mess, and their tax preparer won’t prepare their return. I’ve had lots of projects like this come through my business just in the last month, so I want to help you to avoid this costly mistake. Listen in, as I walk you through steps you can take today to ensure your bookkeeping is on the right track. It doesn’t matter if you are using a computerized software system like QuickBooks, Xero, Wave or FreshBooks for your business finances, or if you are doing your bookkeeping manually with an Excel spreadsheet or even a Google Document, this episode will be helpful for you…
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