Your books will either be your best friend or your worst nightmare. Depending on much attention you give them, they’ll treat you accordingly. They’ll help you only as much as you allow. The information you feed them, and how often, makes all the difference. Some common bookkeeping questions being with, “how often should I…” Let’s ensure you and your books are on the same page.
How often should I be adding to my books?
Truthfully, you should be adding to your books every single time there is a cost or income. However, that’s just not always realistic. We recommend sitting down daily, bi-weekly, or weekly. If you sit down for a few minutes at the end of the day or week, to enter your debits and credits, this will ensure your books have the latest numbers and are as up-to-date as possible.
How often should I see my bookkeeper?
If you don’t do your own books, it is vital to communicate with your bookkeeper. Your bookkeeper can only do so much if you’re not consistent in communication, whether it’s phone or email. So long as you are sending your bookkeeper fresh information, keeping them in the loop, it is not necessary to meet with your bookkeeper very often. Reaching out on a regular basis (we’re talking weekly or bi-weekly) can do wonders for your books.
How often do I need to run reports?
We recommend running reports monthly, quarterly, semi-annually, and annually. Running reports, like profit and loss, will ensure that you’re on track with your business and where it stands financially. To be in the dark is to guide your company blindly. Software like QuickBooks have built in account reports for your convenience. Take advantage of the tools around you.