While growing and operating your business, you need to have the right team. Your bookkeeping and accounting team is no different. To have strong bookkeeping and accounting tools in your business, it’s important that you choose the right providers. The right team depends on your specific business and the situation that your business is in. In this episode of MissionBusinessPodcast.com Bernard Roesch talks through specific factors to consider when hiring a bookkeeping or accounting provider
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Do You Have an Effective Bookkeeping and Accounting System Already Setup?
In order to have effective bookkeeping and accounting procedures in place, you need to have a strong bookkeeping and accounting system already configured. If you don’t have this configured yet, you should work with somebody that understands what it takes to setup a bookkeeping and accounting system.
Someone that can understand your business – In order to get the bookkeeping system set up, you need someone that can talk through details of how you operate your business and understand the intricacies of your workflow.
Set up your bookkeeping process to match your business workflow – Once that person understands how your business operates, they can set up your bookkeeping system to work within that workflow so that bookkeeping is seamless as you operate your business.
If you don’t already have a strong bookkeeping system in place, work with a QuickBooks Pro adviser that can help you get it set up.
Managing Your Bookkeeping Throughout The Month
Once you have a strong system set up, it makes the data entry part of bookkeeping easier. You can work with a provider, such as a bookkeeper, to periodically update your records. However, you should also update QuickBooks as you send out invoices, receive bills, and process other transactions each day.
You can work with a bookkeeper on these things or train in-house staff if you have a larger team. As long as your system is set up to match your business workflow, the bookkeeping part of your business is something that should be fairly streamlined.
Leveraging Reports to Understand The Health of Your Business
Entering data into QuickBooks is only a small part of the value you should be getting from your bookkeeping system. By using reports, you can understand the health of your business and see trends that you need to be aware of as your business changes over time.
For example, you can run reports on your inventory, accounts receivable, profitability of different parts of your business, and much more. The same QuickBooks Pro adviser that helped you set up your bookkeeping system should also be able to help you get this reporting structure in place. This requires a deeper understanding of your business than day-to-day bookkeeping. But once you have it in place, it becomes a very powerful asset for your business.
Preparing For Tax Filing
If you have your system set up, and keep it up-to-date, you should have the records you need at the end of the year to file your taxes. A tax professional can do the actual tax filings with you, but having QuickBooks configured well and kept up-to-date throughout the year will make the tax filing process seamless.
If you need help setting up your system or getting a good financial analysis process in place, contact Bernard today.
You can also visit MissionBusinessPodcast.com for more insights that Bernard has been sharing with us in the previous episodes.
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