This is a tough question to answer, isn’t it?
You own and operate a business, but you don’t have enough time to take care of everything.
You keep things afloat, but each day something else gets further behind.
And, you’re probably pulling out your hair reading through IRS letters saying you’re behind, late, or owe penalties for not paying enough (or no) taxes.
This isn’t how you imagined your business going, is it?
If you want to get the IRS off your back and bring your books current, then you must start with your financials. It’s the only way through the storm. You cannot avoid it.
This is why it’s imperative you get an outsourced accounting department for your financials who knows what they are doing…
Reconcile & Bring Your Books Current, The First Time!
There’s more to account reconciliation for your business than combing through your bank account line items and cross-referencing with your paper receipts.
You have to look at and consider a variety of factors to make sure your books are current, you’re managing your accounts properly, and forecasting a successful financial future for you and your business.
Here’s where to start if you want to keep your books from getting behind again:
Reconcile Your Bank Accounts with Your Business Records
Keeping your bank accounts and business record “in sync” is an important internal business control process. It allows you to know exactly where your business stands financially. All so you can run your business more effectively, grow your profits, and actually enjoy running your company.
Here are the basics of account reconciliation:
- Prepare your documents
- Review deposits, checks, and debits
- Adjust for outstanding checks
- Look for General Ledger adjustments
Reconcile Your Bank Accounts at Least Once Per Month
How often should you reconcile your accounts? At least once per month. If you have a high volume of transactions each month, then do it once per week. If you have a low volume of transactions, then you may be able to get away with once per quarter. Start with once per month and adjust from there.
Look For & Keep Track of Discrepancies
Account or business record discrepancies can happen. Look for them and see if you can discover why they occurred. Here are some discrepancy examples:
- Outstanding checks
- Deposits in transit
- Interest income
- Bank service charges
- Electronic charges and deposits that appear on the bank statement but have yet to be recorded in the business’s ledger
Leverage Accounting Software
I’m the expert in every accounting software out there. Let the expert handle your outsourced accounting department for your accounting and bookkeeping needs.
If you want to get spot-on, accurate reports – weekly, monthly, quarterly, or whenever you like…
Then let me manage your reports.
Get an outsourced accounting department for your financials who knows what they are doing…
How Do I Outsource My Accounting for a Third of the Cost?
If you want an accountant in your corner to help you save money, find new money, and keep the IRS off your back, then let me manage your financial standings, reports, and forecasting for a third of the cost.
I deliver spot-on, accurate reports weekly, monthly, quarterly, or whenever you like.
I reconcile and bring books current – the first time, so you can work on growing your company instead of struggling inside of it.
I forecast your financial future so you can grow your company toward financial success. And, my in-house CPA can prepare and file your taxes.