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Bookkeeping is the process of recording transactions for a business or individual. Every successful business has a solid bookkeeping method that they maintain on a regular basis. Accurate and up-to-date bookkeeping records can help businesses make informed financial decisions for the short and long-term. There are many moving pieces to bookkeeping, so it can be easy to miss something or feel overwhelmed when you first start out. We compiled some of our favorite bookkeeping tips to help you this year and beyond! 

Triple check your work. 

Bookkeeping is all about accuracy! Double and triple-check each entry to make sure everything is correct. This goes for transaction entries, but also spelling. One mistake can throw off your books and create a hea

A new year many times brings new direction as we try to find new ways to live our lives! As a business owner, you have much on your plate - and most times, it seems to be overflowing. It’s hard to keep up with the day-to-day aspects of running a business while also implementing an overall strategy for the broad picture of your company’s success. This is where delegating tasks and creating a solid team of colleagues you can count on comes in handy. This year, it may be time to turn your bookkeeping over to a professional. Here are some signs it’s time to make the change…

Lack of time. 

As a CEO, it’s normal to wear many hats. But, when you try to juggle multiple projects and areas of the business at one time, this is when

With a new year comes new dreams, plans, and opportunities! Take some time to reflect on the past year to see how far you’ve come, and then look ahead to the coming year to brainstorm where you’d like to go. A resolution is just a fancy word for a goal. What do you hope to accomplish this year? What about financially? There are some common financial resolutions that we can all plan to work on in the coming year…

Save more money. 

This is a simple resolution that many of us have - make more money! This means you could find ways to cut back on expenses and save or you find new ways to increase your income. Working with a financial professional will help you decide if it’s better for you to save or add based on your specific situ

The end of the year is the perfect time to sit down and review your bookkeeping and finances. The idea of a fresh start for the New Year is exciting, but you can’t move forward without knowing where you currently stand. There are many items to review at year-end, but below are just a few big ones to consider before the ball drops marking the New Year!

Cash Flow.

Reconcile your accounts for the year and then review your current cash flow. Are things tight or are you comfortable with the current inflow and outflow of money? Depending on where you stand, you will need to adapt accordingly. This might mean analyzing reports to see where you can cut back expenses or finding alternative options that cost less money. To move forward confidently, you need to

Your bookkeeper isn’t there to just silently log your business’ financials - they’re there to be a guide for you and your business. Your bookkeeper can give you an inside look at the financial ins and outs of your business and provide valuable knowledge to help you make informed decisions. Take some time to talk with your bookkeeper to really understand where your business stands and where you may be headed by asking questions that provide important intel.  

Where are we wasting money?

Your bookkeeper knows the financial ins and outs of your business. They become familiar with your spending habits, budgeting skills, cash flow management, and more - use this to your advantage. Ask your bookkeeper where you’re wasting money

With holiday shopping in full swing, don’t forget about your bookkeeper! But, you won’t need to bust out your checkbook or budget for this wish list. These are just a few simple ways you can strengthen your relationship with your bookkeeper and, as a result, strengthen your bookkeeping!

Keep your receipts. 

Receipts come in digital forms, too! With how popular online shopping is, we’ve had to make the transition to digital receipts and documentation. When you receive an email regarding a purchase, forward this to your bookkeeper so they know to look for it in your credit card or bank statements. 

Communicate the correct info. 

When you begin to work with a new company or individual, or hire a

The biggest shopping weekend of the year is almost here - Black Friday, Small Business Saturday and Cyber Monday! With inflation on the rise, companies experiencing stock issues, and delays in shipping, it’s best to start your holiday shopping sooner than later. A great way to avoid a couple of those is to shop local and support small businesses in your community. Most of the items you find in major retail, super stores can also be found in mom-and-pop shops. Avoid the mass chains and try to support local businesses this holiday season!

Make the choice to shop small. 

The first step is to make the active choice to shop at a small business over a chain. As soon as you make that decision and step foot into a small business or visit their website,

Believe it or not, the holidays are approaching and the best time to start creating your game plan is now! The biggest holiday weekend of the year will be here before we know it - Black Friday, Small Business Saturday and Cyber Monday. If you want to save money this holiday season, we have tips that should be easy to implement and even easier to save. It’s all about making a list and checking it twice - Santa is not the only one who should do this. 

Make a list. 

Really! And check it twice. Yes! Creating a game plan before you head out to start shopping is the best plan. This way you have an idea what you’re looking for and the expected pricing. This also helps greatly with staying within your budget (which you should set and stick wi

How much do you actually know about being a bookkeeper? Although your bookkeeping is the backbone to your business, you probably have never wondered about it. There are some common bookkeeping myths we’d like to bust and facts we’d like to share so you can better understand the act of bookkeeping and being a bookkeeper. 

A degree is not required. 

To be a bookkeeper, there is not a required degree or “major” to study. Anyone can become a bookkeeper if they have the right program, the right training, and a self-motivation to learn and then execute. There are many trainings and classes available, so make sure you do your research before pursuing the first course you find. 

Certifications put you ahead.&nb

There are plenty of ways to celebrate Halloween and Spooky Season, but remember to keep the scaries out of your bookkeeping! Dust those cobwebs off your books and get ready for some treats. Be sure to avoid these five common bookkeeping spookies…

Double-entries. 

It happens to the best of us - sometimes you’re so in the zone that you don’t notice you’re entering the same information twice. Being thorough is best, but be sure not to over-add to your books. 

Missing information. 

It’s important to be as thorough as possible. Your books are only as helpful as the information they possess - feed your books as much info as possible. The more details, the better. Missing information can lead

It’s spooky season! While there are things that should be frightening, your bookkeeping should not be one. We put together some awesome bookkeeping tricks so you can treat yourself with a better, more efficient user experience! Customize. 

Have your account reflect the tools you use most. Customize your toolbar in QuickBooks for easy and quick access to your most-used features. To do this, click “View,” “Customize Icon Bar.” From there, you can remove, add, or modify icons. 

Right Browser. 

Depending on which accounting software you use, it will work best with a specific browser. For instance, if you use QuickBooks, the best browser to use is Google Chrome. 

Reimb

Whether your business has an in-house bookkeeper on staff or you outsourced your bookkeeping to a professional, there are certain things you need to review when it comes to your business and its finances. Whether you connect weekly or quarterly, be sure to review the following…

Cash flow. 

Review the in’s and out’s of your money. You should know where you stand financially, and where you are projected to go in the coming weeks and months. Discuss trends and prepare accordingly. 

Financial statements. 

Take things a bit deeper and analyze exactly where your business is making money and losing money. Work with your bookkeeper to create a sound plan for reaching your financial goals using the data gi

As the world we live in becomes more and more digital, we need to learn to keep ourselves and our information safe. Scams are evolving and hackers are learning new ways to obtain confidential information. Make sure you are staying updated on the latest cybersecurity crimes and practice safe online habits. Below are just a few…

Use strong passwords. 

It’s important to create long and strong passwords to keep your account(s) safe. It’s best to utilize a combination of letters, numbers, and symbols for the most creative, hard-to-hack passwords. Avoid using your first or last name or other personal information in your password, and try not to use the same password for more than one account. Some people prefer to use trusted password man

Whether you complete your bookkeeping yourself or you have a bookkeeper, there are certain tasks that need to be done on a regular basis - consider these the basics of bookkeeping. This can act as your everyday bookkeeping checklist. 

Maintain accurate records. 

Stay on top of your financial transactions, record them, and triple-check for accuracy. Keep up with your books. Accuracy saves yourself from a mess later. 

Handle day-to-day management of accounts. 

Whatever needs to be done on the day-to-day, it’s up to you to complete efficiently and accurately (or your bookkeeper). Looking at your accounts all day will help you have a better grasp of the financial-aspect of your business. 

In life, there are upsides and downsides to most things - debt included. Debt is something that receives a negative connotation, but virtually everyone has some sort of debt. It seems odd to say there is such a thing as “good” debt, but there is. On the flip side, there is also “bad” debt, which should be avoided. Nobody wants debt, however, good debt works in your favor, while bad debt does not. 

Good debt has the potential to increase your net worth or further you in life in some way. It’s typically low interest and will “pay off” in some way down the road. This includes loans for your education, for a business, a mortgage or other real estate investment. 

Bad debt will drive your credit score lower and weigh you down.

No matter your job, there are days that can be more stressful and overwhelming than others. It may seem that as you get one thing done, there are three more to do. On the days it feels like your head is spinning, it’s important to find ways to center yourself and stay focused. 

Make a priority list

Make a good old fashioned “to do” list! Write down everything you absolutely need to get done for the day. Try to prioritize so the most important things are listed first. It’ll feel good to watch your progress as you check things off. 

Use a planner

Planners are fantastic for keeping track of all the moving pieces! Write down your appointments, deadlines, events, work hours, and more. The more org

At Skynar Bookkeeping Services, we Set Up, Clean Up, and Keep Up with our clients’ books with the help of the number one accounting software for small to mid-size businesses - QuickBooks by Intuit. There are a variety of plans and services that you, as the user, can pick and choose to fit exactly your business’ needs. 

As a new user, there is a free 30 day trial to test it out and see if it’s the right fit. There are two options available - QuickBooks Online and QuickBooks Desktop. Online is cloud-based so you can access your books from any device at any time. Desktop is installed and accessed on only one computer. 

From there, there are multiple plan options. Choosing the right

Automatic payments are the way of the future. Having automatic invoices generated for payments sounds like a dream, but can be your reality. If you are a business that has customers/clients that utilize your products/services frequently, it may be best to set up auto-pay to streamline the entire process of sending invoices. It seems everyone is looking for the easiest, most efficient way of doing things - and recurring payments is one!

Invoices won’t slip through the cracks, cash flow will be improved, and it’s also eco-friendly! If you use QuickBooks for your accounting software, we have good news - the process of setting up recurring payments is a breeze. We provided a step-by-step guide below…

How to set-up recurring payments in QuickBooks Online: <

We thought we’d take some time to address some frequently asked questions that bookkeepers receive. These are questions that you should ask your bookkeeper before you begin a working relationship.

What if I want to do my own day-to-day record keeping?

Definitely an option! It’s up to you to work with your bookkeeper to determine a sound game plan. Determine which bookkeeping tasks you will be completing and which your bookkeeper should complete. 

Will I have access to my bookkeeping whenever I want?

Yes! You should always have access to your bookkeeping records - the information is yours! It’s a major red flag if you do not have access to the backend of your books. Even if you don’t make any chang

There should always be open communication between you and your bookkeeper. Although running a business can become chaotic and time can get away from you, it’s vital to remain connected. Every month you should sit down, either remotely or together, and review your company’s financial health. Set aside time to review and analyze reports, ask questions, and determine a game plan for moving forward. Together, you and your bookkeeper will come up with a sound plan for your business. Some questions to address along the way…

What changes did we make last month & how did they play out?

Did you hire a new employee? Lose an employee? Add on to inventory? Take away from inventory? Look at the changes you implemented last month and see how they playe

Use the 2020 Olympics as inspiration to take your bookkeeping to the gold! Olympics athletes and bookkeepers have more in common than you’d think. Both require an inner self-motivation to perform their best, to put in the time and effort, and to continue following through. Without this, the act remains undone and incomplete with no signs of progress or completion. To be self-motivated is not something that can be taught. 

Repetition. Olympics athletes practice, practice, practice. They put in the time and effort to perfect their craft by doing it over and over. Similarly, bookkeepers perform the same acts in and out to ensure their clients’ books are thorough, complete, and accurate. If they don’t enter the transactions in

As many of us return to work at a physical location, many of us also remain working from home. Then, there are some that are teetering between working on location and remote. While we all ease back into whatever this “new normal” is, it’s important to make sure you’re on the same page as your team so nothing falls through the cracks. How can you keep unity when it seems everyone is doing their own thing?

Regular meetings. 

Stay in touch and hold each other accountable with regularly scheduled virtual meetings to review what projects are still up in the air and to work on wrapping up loose ends. Depending on your business, a weekly meeting may suffice just fine. For others that have more ins and outs on a daily basis, it might b

QuickBooks allows its users to set up automatic entries so you never have to manually enter debits and credits unless you choose to do so. However, sometimes it’s necessary to manually add a journal entry, like when you’re transferring money from one account to another. QuickBooks Online makes the process a breeze. See below for step-by-step instructions on adding, deleting, and editing journal entries. 

Add

Select “New+” and then choose “Journal Entry.” First, select the Account you need to debit or credit, and then enter the necessary amount in the correct column. Below that, you’ll select the second Account you’ll be moving money to or from, and you’ll enter the exact same amount. 

B

Your relationship with your bookkeeper needs to be solid. If you don’t fully trust them with your bookkeeping records, it may be time to start considering other options. It’s up to your bookkeeper to be reliable, timely, consistent, and open with their communication. There are some red flags that can be hard to ignore and can be detrimental to your books and, in result, your business. 

Nothing adds up. 

A tell-tale sign that your bookkeeper has checked out or your bookkeeping system is no longer working? Nothing seems to add up, whether because the information wasn’t logged or wasn’t logged correctly. This would definitely be noticed come time to reconcile at the end of the month, but sometimes these gaps or errors can be

Bookkeeping is not something you can eliminate from the day-to-day of your business. If you do, you’re walking blindly into the unknown and likely won’t last. According to the U.S. Bureau of Labor Statistics, 20 percent of small businesses fail within the first year - and after five years, only 50 percent of small businesses survive. There are many reasons why businesses fail, but almost one-third are due to cash flow problems, which can be caught and addressed with detailed, up-to-date books. 

That leads us to the question, what exactly is bookkeeping and what does a bookkeeper actually do for you? The act of bookkeeping itself simply means the activity of keeping records of the financial affairs of a business. So, what exactly does a bookkeeper do? Let’s