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Why You Need To Reconcile Regularly

SkynarBookkeeping / October 22, 2020

Let’s talk about reconciling your account(s) on a regular basis and why it’s necessary for not only your bookkeeping but your business. First, what does it mean to reconcile your account? This means you compare your books to your bank accounts over a period of time to make sure everything aligns perfectly (example: comparing your records to your bank account from March 1 - 31, 2019). If there are any discrepancies, you can catch them and act on it. Also, note that you only need to reconcile your accounts if you use the accrual method of accounting. If you use cash basis accounting, then every transaction is recorded at the same time as the bank, so there are no discrepancies.

There are four big reasons you need to reconcile your account(s) on a regular basis.

    Give Your Books The Attention They Deserve

    SkynarBookkeeping / February 13, 2019

    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

    What’s The Difference Between Revenue and Profit?

    SkynarBookkeeping / December 7, 2018
    By: Rachel Himmelspach

    When working in your books, you need to know exactly what the numbers mean. Often times people know the general meaning of a term like, “profit” but don’t actually know how it’s different from “revenue” or how the two affect each other.

    Your profit is how much money your business has made from the sales of your goods and services or from things like fees or interest during a specific time period. For example, you could look at your profit from April to see how much money you made during those 30 days. If you sent out invoices for a total of $35,000 from April 1 - 30, then your profit

    What Can Your Books Tell You?

    SkynarBookkeeping / September 28, 2018
    By: Rachel Raupp

    The act of keeping your books up-to-date can be a time-consuming and tedious task, but the hard part is reading what your books are telling you. If you look at your numbers and that’s all you see, it’s time to talk with a bookkeeper. Bookkeepers are like cartographers: not only will they map out your books, but they’ll tell you where all the mountains and valleys are.

    Four Signs You’re Ready To Outsource Your Books

    SkynarBookkeeping / September 19, 2018

    Four Signs You’re Ready To Outsource Your Books

    Your books are the glue that holds your business together. They need to be given detailed attention on a regular basis. If you let your records slip through the cracks, your business will likely follow. Outsourcing is a simple solution to what could be a massive problem. Here are four signs you should switch to outsourcing today: 

    Why Use QuickBooks?

    SkynarBookkeeping / June 12, 2018
    By: Rachel Raupp

    Running a business is a challenge. Keeping up with your books is one moving part of running a business. This can either go incredibly smoothly or be a complete disaster. If you’d prefer the former, we strongly recommend you check out QuickBooks. Not only will QB make your bookkeeping easier, it’s also a great tool for helping you run your business. Here are several reasons why QB should be your bookkeeping software:  

    Spring Clean Your Books

    SkynarBookkeeping / March 22, 2018
    By: Rachel Raupp

    Spring has finally arrived! The sun is shining, birds are chirping, and…your books are a mess. It’s time for some major spring cleaning! Just like you do with your house, you also need to do with your books. Leave your Lysol where it’s at, instead grab some coffee and get to cleaning!

    Your books need to be accurate, so everything you’ll be doing will to be to maintain accuracy and up-to-date records. Are your accounts reconciled? Do your books match what’s in your bank account? If the answer is no, it’s time to make these yes’s. Verify that all expenses are assigned to the correct accounts. This will help you avoid any “oops” moments you may run into in your books.

    The Best Way To Help Your Bookkeeper Help You

    SkynarBookkeeping / January 25, 2018
    By: Rachel Raupp

    There’s only one surefire way to help your bookkeeper/accountant help you: COMMUNICATE! Without voicing your opinions, concerns, comments, or appreciation, we will assume everything is fine. Open communication is vital to every thriving relationship, it’s no different for your relationship with your bookkeeper/accountant.

    Set Up, Clean Up, Keep Up With Us This 2018

    SkynarBookkeeping / January 19, 2018
    By: Rachel Raupp

    You don’t need a new year to make a change, you simply need a new day. If your 2017 accounting and bookkeeping didn’t go as smoothly as you had hoped, we have a solution – let us help you. 

    Contact

    Skynar Bookkeeping – Corporate Office – South Lyon, Michigan
    13052 Pembrooke Circle
    South Lyon, MI 48178
    Phone 734-335-7702
    Email info@skynarbookkeeping.com
    68300 CR 388
    South Haven, MI 49090
    Phone 734-335-7702
    2534 SW 13th Ave
    Cape Coral, Florida 33914
    Phone 239-361-2100

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