Are you curious about bookkeeping? Are you considering being a bookkeeper? There are plenty of myths people believe when it comes to being a bookkeeper that we want to bust. Before you pursue becoming a bookkeeper, let’s set some things straight first!
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 execute. There are various trainings and classes available, so do your research before pursuing the first course you find.
Certifications put you ahead.
Being certified in your specific bookkeeping software helps you stand o
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
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
Your bookkeeper/accountant should be one of the people you most frequently are in contact with, whether it’s making a phone call, sending an email, or sitting one-on-one. It’s vital you communicate the ins and outs of your business on a regular basis - we’d like to say daily, but we know weekly is more realistic. Your bookkeeper can’t do their job if you aren’t constantly keeping them updated with receipts, new employee payroll information, and beyond. The question is: what information should you be relaying?
If you’re just starting to navigate your books, you may be unsure of some of the lingo. It’s like a different language for those outside of the accounting world, but the more you work with your books, the quicker you’ll catch on. What’s important is to think of everything in terms of your business; these terms provide you with vital information about your company’s standing. Let’s go over some common terms you’ll frequently hear and need to use in order to discuss and understand your books.
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 fr
If you’re switching bookkeepers or in the process of looking for one, it’s important to know what information they need to do their job the best they can. Unlike an accountant, who doesn’t need to know every little thing about your business, your bookkeeper needs EVERYTHING. Yes, we mean everything. We made a handy list for you to use as a reference for when you prepare these documents for your bookkeeper.