We’ll get to the point right off the top… If you do not have an effective setup of reporting your accounting data, it may very well have a negative effect on the growth of your business.
Why?
Not having a way to generate reports and important financial statements can cause credit issues, legal problems, lost profit and sales and affect your ability to make sound decisions.
To put it simply, flaws in bookkeeping can be detrimental to the health of your business.
For example, if you try to make forced adjustments to your business accounts – like reconciliation discrepancies – whether you’re in the startup phase or more established, it will demonstrate that you are neglecting the existing issues of accounts management. This can lead to feeding incorrect information to the systems.
When businesses, particularly startups, neglect their bookkeeping, they are often at high risk of profit decline. Unfortunately, many small businesses do not consider it an important issue and end up disrupting their cash flow… Ultimately leading to a shut down.
To help you avoid the worst case scenario, here are 4 simple steps to clean up your bookkeeping.
#1 Consider It A Serious Issue
Things will not improve until take problems seriously. That means it is very important to identify the flaws in your bookkeeping and taking the initiative to get everything cleaned up. Before issues escalate, consider the options available to get this job done.
#2 Contact A Professional Service
This is an important step if accounting problems are beyond your expertise. Hiring a professional bookkeeping service to do the job for you can be the most effective solution because experts will be able to resolve problems quickly and set you up to avoid any future potholes. We recommend using QuickBooks software as certified and trained QuickBooks ProAdvisors (like us!) can set your business accounting system up in a way that easy to manage. Reach out to your colleagues to discuss options, and your business network may lead you to explore more options depending on what’s working for them.
#3 Follow Bookkeeper Instructions
There’s no doubt that continually asking for the same update or information may get very frustrating. Cooperating with your QuickBooks ProAdvisor, when he or she is working on your business accounting, is key to a stress-free. That means, whatever your bookkeeper asks for, be sure to make it a priority to send to him/her. To make it less complicated, make sure your financial statements are available online for easy access. These statements usually include your credit card details, bank accounts and all payroll reports.
#4 Make It An Ongoing Process
If you find a reliable QuickBooks ProAdvisor to steer you clear from bookkeeping bombs, it is important to stay in contact with them. You do not want to waste your money and all the effort you put into cleaning up your books. If you do not intend to maintain it, you will have to go through the same hectic process all over again, year after year.
The Bottom Line
At the end of the day, there’s no denying that cleaning up your bookkeeping is critical for successful business operations. You can rely on the experts of At Franco Blueprint Inc. to do this job for your business.
Call us today and we’ll help you take charge of your bookkeeping clean up!