6 Things To Review With Your Bookkeeper Regularly

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 given in the reports. 

Upcoming planned expenses. 

Do you have any upcoming purchases you need to plan for? Alert your bookkeeper of any planned large expenses so your accounts will have enough funds when the time comes. 

Compliance. 

Is your business up-to-date with the latest compliance guidelines and laws? Review what these changes may be and how they could affect your company. It’s vital to ensure your business remains compliant. 

Current software. 

Review your current bookkeeping software. How is the user experience? Does it do what your business needs it to do? If you have an in-house bookkeeper, it’s important to make sure they have the proper software to complete the necessary tasks. 

Company growth.  

If you’re planning any changes for the company in terms of growth, consult your bookkeeper. Is now the right time financially? Can your bank account make it work? Work with your bookkeeper to tackle these upcoming changes to ensure you maintain a solid financial foundation and also remain compliant.