There is nothing that will feel quite as stressful as a business owner than knowing that your financial records aren’t in order. Bookkeeping is something that is often overlooked and undervalued. When you have accurate bookkeeping for your business, it can provide you with the financial data that you need to make informed decisions and accurate forecasts that can help grow your business and reach your goals. Propel Your Accounting is here to share some tips to help you catch up on a bookkeeping backlog so that you don’t have to feel stressed should this happen to you.
Tips to Catch Up on Bookkeeping
Bookkeeping is something that needs to be addressed almost on a daily basis. It can help save business owners from a huge headache that comes with being behind on your bookkeeping. Here are some tips to help you get caught up if you happen to be behind on your bookkeeping.
– Gather Receipts: Receipts, records and invoices are all an essential part of bookkeeping. You need to know where the money is going and coming from. If you are behind on bookkeeping, this is the first place that you start. Gather all the receipts that you have and check your invoices to ensure that you have all the information that you need. You also need to review all customer accounts for any bad debt.
– Reconcile Bank Accounts: Now, you will need to reconcile your bank accounts to ensure they match up with your company records. Look at the transactions that you have recorded and compare them with your bank statements. Your balance should be the same on both records. If there is a discrepancy, this is the time to go through each and every transaction as you look for the errors.
– Separate Business & Personal Expenses: Things are going to get muddy if you are combining your business and personal expenses. It is important that you keep them separated to avoid unnecessary stress when you get down the nitty gritty process of bookkeeping. If you don’t have these separate, get them separated as soon as you possibly can.
– Get Rid of Paperwork: If you haven’t gone paperless yet, there is no time like the present to do so. When you move all of your financial records to digital files, you will find that they are usually more accurate and less susceptible to errors. It might seem daunting, but you can do it.
Bookkeeping, Accounting, Business Consulting & HR / Admin Services in the United States of America
The best way to catch up on a bookkeeping backlog is to hire the professionals at Propel Your Accounting. We will get you back to where you need to be and ensure that you don’t have a backlog moving forward. We know how taxing it can be to run your own company. This is why we offer our bookkeeping services at a price you can afford. Call us today!
