As a business owner, knowing that you are behind on your bookkeeping can be extremely stressful. You will start to see that it effects many different parts of your business. In fact, when you are behind on bookkeeping, it can start to stand in the way of your success. If you are behind, have no fear, you will be able to catch back up. Catching up on bookkeeping is essential to thriving in the business world. Mark Dicus & Company is here to share some tips to help you catch up if you have found that you’ve fallen behind in bookkeeping.
Ways a Backlog in Bookkeeping Can Affect Your Business
You may not realize it fully, but when you fall behind in bookkeeping, it can be a problem that compounds over time. You will lose sight of your cash flow, make poor business decisions, fail to meet tax deadlines, and more. These blind spots can prove to be detrimental to your company.
Tips to Catch Up Your Bookkeeping
If you have fallen behind on bookkeeping, here are some tips to help you get caught back up.
– Organize Financial Data: Before you can get caught up on bookkeeping, you need to gather and organize your financial data. This means all of your bank statements, credit card account info, invoices, payroll records, and expense reports. When you gather this information, make sure you come up with a system to keep it organized in the future.
– Reconcile One at a Time: You aren’t going to be able to catch up in one fell swoop. You should work on one month at a time as you work to catch things up. If there are any accounts that you need to follow up on, make sure you are marking them or flagging them somehow.
– Prioritize: When it comes to choosing what to tackle first, consider prioritizing compliance first and foremost. There are likely payroll tax deposits, sales tax filings and other compliance deadlines that you have missed. This is a good place to start.
– Fix Mistakes: As you go along, you may find little errors and mistakes. This is a great time to fix those. If you find duplicate entries, expenses that have been misclassified, or forgotten revenue, fix it as you go.
– Find a Process: Finding a process that will help you stay on top of things in the future is vital. This may mean that you look to outsource your bookkeeping and accounting services. This can help you reach your goals as a company.
Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you are struggling to keep your bookkeeping organized and accurate, you can turn to Mark Dicus & Company to help. We will ensure you are compliant and have all the information you need to make informed business decisions. We want to help you succeed as a company. Call us today!