Over the years we’ve assisted many small business owners with their bookkeeping and learned how to do so efficiently and effectively. Today I want to share a few tips on how you can help your bookkeeper streamline your process and decrease your fees.
- 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. Use a check sheet listing all required items to ensure all paperwork is sent together. - 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/or disconnected services. If this isn’t a viable option, contact your service providers and update your contact information to “in-care-of” your bookkeeper. - Be Systematized
Avoid submitting your paperwork in a large box for the bookkeeper to sort through. Doing this requires more time for your bookkeeper to organize paperwork in order to do the work. Submit information in folders with statements together by account and receipts clipped together. - 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. - Provide Deposit Information
If you’re offloading your accounts receivable, forward all sales information in a consistent and timely manner. Also, make sure to disclose deposits that aren’t income to prevent paying tax on money that isn’t truly earnings. - 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. - Have the Bookkeeping Done Consistently
Avoid waiting until tax time to deal with your books. During the 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.
Of course if you are unable to meet these guidelines, bookkeepers will work with you, but it will take longer to complete and may be more costly to you. 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!