7 Tips That Will Save You Money on Bookkeeping

bookkeeping-615384__340Over the years we’ve assisted many small business owners with their bookkeeping and learned how to do so efficiently and effectively. Today we want to share a few tips on how you can help your bookkeeper streamline your process and decrease your fees.

  1. Send All Paperwork at One Time
    Paperwork sent in incomplete batches can result in unnecessary lag time. Stopping tasks in progress to request missing paperwork creates a higher probability of mistakes and missed deadlines. Create and follow a check sheet to ensure all paperwork is sent.
  2. Send Time-sensitive Documents Early
    This tip applies to all bookkeeping but more specifically to bill-pay services. Forward all bills/statements consistently and with plenty of time to process payments. Delayed paperwork can result in late fees and disconnected services. If this isn’t a viable option contact your service providers and update your contact information to “in-care-of” your bookkeeper.
  3. Be Systematized
    Avoid submitting your paperwork in a large box for the bookkeeper to sort through. Create a checklist of all items to be given on a monthly basis and organize statements and receipts by month.
  4. Provide all Necessary Details
    Eliminate time spent on research and corrections by providing details on your expenses, especially unusual or large expenses. The more familiar your bookkeeper is with your business processes and transactions the less time will be needed to complete your books.
  5. Provide Deposit Information
    If you’re offloading your accounts receivable, forward all sales information in a consistent and timely manner. Doing so can greatly improve your cash flow. Also, make sure to disclose deposits that aren’t income to prevent paying on money not subject to tax.
  6. Provide Petty Cash Receipts
    Many businesses lose the opportunity to claim deductible expenses because cash receipts aren’t given to the bookkeeper. Disclose purchases made with petty cash or outside money by saving purchase receipts or by creating a spreadsheet tracking your balances and transactions.
  7. Have the Bookkeeping Done Consistently
    Avoid waiting until tax time to deal with your books. During busy season CPAs are more likely to hire a bookkeeper to get you caught up. Extra charges from your CPA will be higher than using a bookkeeper throughout the year.

If you don’t have a bookkeeper but know now is the time to start, contact us today at 310-534-5577 or contact@abandp.com to begin the process. We look forward to assisting you!