Bookkeeping can organize and record transactions so that you can see what is coming into your bank account and see what is going out. More frequent recording of the events in your business can help you understand your obligations that are approaching and the resources you have available to meet those obligations. Do you have cash flow to cover monthly expenses and yearly expenses? Do you keep track of this in your head? Bookkeeping can also capture the transactions of an event or location. Say if you put on a sale, do you know the results of that event? Well, bookkeeping can isolate that event and help you visualize the numbers. Or perhaps you have more than one location. Do you know the results of each location? Bookkeeping can help with that.
Better sleep. It’s true if you are in control of the events that are happening in your business you won’t have to lie awake wondering if you are forgetting something.
Use your accountant for accounting. When you have the bookkeeping in order the accountants time will be maximized. They can focus on planning and advice rather than sorting out the issues from messy books.
Meeting Government requirements, such as payments and reporting, are important to the success of your business. Also, outside interests such as insurance and banking organizations will want to see the financials. Organized books help produce these reports on time and with accuracy, timeliness, and confidence. Does payroll, WCB, GST/PST sound like something you would like someone else to take care of? Are you chasing payments, or catching up with vendors? Where did that invoice go? A bookkeeper could help with organizing and systemizing those processes.
If you have your own Sage 50 system (Simply Accounting) in place and need help with some of those processes Sage has a secure system in place to transition the work from you to your bookkeeper and finally to the accountant. Contact me to find out more about this simple secure process.
Accounts Receivable and Accounts Payable can be turned into systems to better control each process. For accounts receivable you can keep track of individual job tasks such as employee hours, inventory used, purchases and other expenses. This results in accurate billing. Are the invoices being sent out not only accurately but on time? Missed payments by customers can take up your time, a bookkeeper can organize and contact customers in a professional manner. Accounts Payable can have a 3-step process. Starting with a quote from a vendor. The quote can move to a purchase order whereby you can see what you have on order, what you have in inventory, and what customers have ordered. If orders and receiving documents match up you are good, if not you can immediately take the appropriate corrective action. Finally, when you receive your goods you can check that the pricing and quantity match the original order. Any price differences or the wrong amount can be verified using these source documents.
Budgeting is another area that can be tracked by bookkeepers. Making sure cash flow is balanced is important but so is meeting customers requests. Implementing a plan is easy with Sage 50 accounting software. You can track budget vs actual for expenses and revenues. Get reports that show how you are doing with the forecast numbers and the numbers that are coming in from the receipts and invoices.
And then there are the apps. Online in invoice payments, inventory, invoice, and receipt recording online, document management, more in-depth project and job costing, customer relationship management, point of sale, time tracking. These are all apps you pay for, Microsoft Office 365 offers a lot of these functions already included but if you need more functions and features the apps will help with that.