Bookkeeping Clean Up & Catch Up Services
That said, we recommend working with an experienced professional for optimal results! Below we offer a bookkeeping cleanup checklist for startups and small business owners that aren’t sure where to begin. Reconciling your bank accounts is the first step in bookkeeping. Comparing your bank statements to your accounting software to ensure all transactions are appropriately recorded is reconciling your bank accounts. Accounting cleanup, like any cleanup, is an activity we hate to do but desperately need. Accounting cleanup is a series of adjustments to historical books to correct errors and improve the accuracy of financial statements.
As a small business owner, we know you’re a master of multitasking – juggling a long list of activities and trying to prioritize your time. Additionally, we will set you up with a cloud accounting system to simplify your bookkeeping going forward. With our help, you can focus on growing your business, while we take care of the rest. But it’s crucial to maintain good bookkeeping practices to generate reliable reports that truly reflect how your business is performing. Without accurate information, it’s difficult to determine your profitability, outstanding debts, and tax liabilities. Slowing down the onboarding process immediately puts you in charge of the project.
Review Accounts Payable
Jeremy writes for small business owners who need actionable information on tax strategy, efficient accounting practices, and plans for long-term growth. Make sure to regularly update your spreadsheet because up to 88% of spreadsheets have errors, which can lead to accounting errors. Automation both reduces your team’s workload and prevents future issues from occurring.
How do you manage all accounting transactions?
- Organize transactions.
- Record journal entries.
- Post journal entries to the general ledger.
- Run an unadjusted trial balance.
- Make adjusting entries.
- Prepare an adjusted trial balance.
- Run financial statements.
- Close the books for the month.
A bookkeeper may have to scour through your expenses, purchases, and sales to find errors or discrepancies. These transactions can be as recent as a week ago, or in more serious cases, months and years back. Well, you are correcting previous transactions that may have been inaccurately recorded, wrongly categorized, or otherwise mismanaged. Our bookkeeping clean up fees are set for the work that we do for you. The only extra charge you would have is for an online accounting system, such as Quickbooks Online if you choose to do so.
Reconciling your accounts is the process of comparing what you record in your accounting books with the transaction on your bank or credit card statement. Bookkeeping is about much more than just recording transactions. It’s about keeping track of the flow of money so that you can stay on top of your finances and make better business decisions. We help businesses grow by cleaning up their books to ensure that they have the right information. It’s rare for freelancers or bookkeeping firms to offer exclusive pricing for cleanup only. Usually, these services, like we mentioned earlier, are included in catch up bookkeeping service offerings.
- But with so many expenses—utilities, telecom, insurance—it can be easy to lose track of accounts payable, resulting in nasty surprises like overcharges.
- We’ll review transactions in Xero or QuickBooks Online, evaluate your chart of accounts, enhance internal controls, and analyze cash flow.
- Having clean books will allow you to negotiate a higher price for your business.
- We take monthly bookkeeping off your plate and deliver you your financial statements by the 15th or 20th of each month.
We’ll get you caught up whether you’re behind 3 months or 3 years. Get up and running with free payroll setup, and enjoy free expert support. Try our payroll software accountant help in a free, no-obligation 30-day trial. Schedule a free consultation with our team to get an individualized quote at the best price for your business.
What is General Bookkeeping?
Some items can be handled internally; others require a certified public accountant (CPA) or tax professional. Make sure to track down any past-due payments and correctly record them. Also, consider reminding customers or following up if they have unpaid amounts. You’ll come away with an actionable score (from 0% to 100% correct) and a detailed report of what’s working and what needs fixing to get your books clean. This is also an opportunity to reach out to your professional network and see if anyone else has identified tools to make processes run smoother. Though the free template will work, teams should look at automated workflow management software to make the process more efficient.
For example, you could create separate categories for office supplies, travel, meals, and advertising. This will help you see where your money is going and identify any areas where you may be overspending. This includes verifying that you have documentation to back up all transactions.
Check for data entry errors
Whether it’s your inventory account, accounts receivable, or your accounts payable, you need to make sure everything checks out. Two of the most surefire ways of avoiding errors down the line are to 1) reconcile transactions daily, and 2) verify each recorded transaction. You want to make sure that all the information, such as the amount, date, and classification or category, is correct. Financial statements are commonly presented to investors when seeking funding. If these financial statements are messy and inaccurate, it could detrimentally impact your chances of getting funding.
Whether selling your business, managing cash shortfalls or planning growth, clean accounting records are worth the effort. Save your time and avoid bad decisions with outsourced accounting cleanup services. Clean up in bookkeeping is the process of reviewing and reconciling a company’s financial records to ensure accuracy and consistency.
Stay up to date on the latest accounting tips and training
These problems are easy to spot when you look for them, and they tend to indicate systematic problems with a company’s books. If one or more of these issues crops up, you’ll need to thoroughly audit your records and establish a steadier course for the future. From catch-up work to data entry to ongoing upkeep, we can help with it all. Our affordable options make our service accessible to businesses of any size. Rest assured you’ll get the quality work at a price that won’t eat into your profits. In this blog, we’ll go over everything, from collecting receipts and assuring tax law compliance to reconciling accounts and altering spending categories.
Implementing internal controls and best practices during an accounting clean up ensures the integrity of the financial and accounting information. With accurate real-time information, the transparency created allows you to detect and correct instances of fraud, inefficiencies, and inaccuracies. At CFOshare, we believe financial statements should be management tools first and foremost. Focused on future strategy, not just historic numbers, we help small to mid-sized businesses and startups reduce financial risk and grow.
What is a clean up in accounting?
Accounting cleanup is a series of adjustments to historical books to correct errors and improve the accuracy of financial statements.