When was the last time your bookkeeper presented you with monthly reports? AND reviewed them with you? Couple months? Longer? Maybe you’re so busy you don’t know. That’s a problem and the first sign of trouble. If the person you pay to reconcile your bookkeeping each month is not giving you reports in a timely manner, they’re probably not doing the work in a timely manner. Which means it’s costing you money. Perhaps YOU are the bookkeeper. When was the last time you reconciled your accounts and “really” looked at the financial reports? I’m not talking about checking the balance in your bank account. I mean really looking at how your business is doing.
- Which service or product is making you money and which one is not?
- Are you spending too much at Starbucks?
- Printing cost went up? Why?
- Payroll taxes increased recently. How is that affecting your bottom line?
- Is your auto sync with the bank duplicating entries?
- Did a loan from you get posted as income? Or not posted at all?
It all starts with reconciling the accounts. All of them. The bank accounts. The loan accounts. The credit card accounts. If this is done monthly and systematically; it’s easy, takes less time so bookkeepers charge less, and you remember what happen so it can be corrected. Six months down the road, you’re less likely to remember exactly what certain transactions were for. We’re half way through 2018. Now is the time to review the last 6 months to see what worked and what didn’t so you can make changes to for the next 6 months. Do you have accurate data to do so? If not, what’s it costing you? Let’s get you caught up and find out.