Bookkeeping is a huge part of owning and running your own business. When you fall behind, it can feel like something that is insurmountable to catch up on. Even though it might seem intimidating, it is imperative that you get back on track. To do this, you can follow some steps and before you know it, you will be right where you need to be. Mark Dicus & Company is here to share our best tips to help you catch up on your bookkeeping so that your business can thrive.
Tips to Help Catch Up Your Bookkeeping
If you are struggling to get your books back on track, you can follow these steps to help make it more manageable:
– Assess: The first step in catching up your bookkeeping is to honestly look at your financial records and assess the situation by determining how far behind you actually are. This will require you to gather all your financial statements, invoices, bank statements, receipts and payroll records.
– Organize: Now that you have gathered all of your financial documents, it is time to organize them a bit. If you store them digitally, they should be plugged into the software to organize them by date and category. If you are still working with paper, put them in file folders that are clearly labeled.
– Reconcile: You are going to need to compare your bank statements with the recorded transactions that you have. You should be looking for discrepancies, missing entries, or even duplicates.
– Enter Missing Information: There might be some transactions that are missing. If this is the case, this is the time to put them into the software. If you are unsure of how to do this, it might be time to turn to a professional bookkeeper or accountant for help.
– Catch Up: Follow up with clients or vendors that owe you money so that you can catch up avoid any late fees due to unpaid invoices.
– Update Payroll & Taxes: if you have employees, you need to make sure those payroll records are up to date. Address unpaid taxes as soon as possible to avoid penalties.
– Verify Financial Reports: You need financial reports as soon as the information is entered. This includes balance sheets, income statements, profit and loss statements and more.
– Create a System: Come up with a routine that helps you avoid getting behind on your bookkeeping again.
– Professional Help: If you are having a difficult time getting a handle of your bookkeeping routine, it might be time to see out professional help.
Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
Anytime you are struggling with bookkeeping, you can lean on Mark Dicus & Company to help you keep all of your financial records straight. When you work with us, it will allow you to focus on other aspects of running your business while we take care of bookkeeping. Call us today!