Seven Bookkeeping Tips to Save Time and Money

If you’re a bookkeeper, chances are you’ve wondered how to save you and your client both time and money. Often times there are a few different steps you can take to reduce the time you’re spending, which makes your client happy and reduces everyone’s general stress level!

Use accounting software, keep track of receipts, separate accounts and use your CPA

Quality accounting software, such as QuickBooks, can be an enormous time saver for any bookkeeper. It makes keeping track of cash flow, both in and out, reconciling bank statements and creating custom reports a breeze. There are classes out there that you can take to help become more familiar with the software and how to best use it for your small business client. Taking one is highly recommended. You can also train family members (if you own your small business with family) or even hire a college student intern to learn the software as well. It’s always good to have a backup in case of emergency or vacation. It’s also best to work closely with your CPA (you should be in contact at least twice yearly). They can advise you how to best make use of your money by looking at your bookkeeper software reports and seeing what the trends are. Make sure you’re scanning all appropriate receipts from purchases, business cards for client accounts and any other applicable paperwork directly into the system to keep everything in one place. Also keep your personal and business account separate to minimize confusion and stress.

Avoid cash, go paperless and keep track of your mileage

Another tip for bookkeepers to pass on to their clients is to avoid cash. Debit and credit card purchases can be tracked much easier than purchases that are used with cash. Don’t lose potential write offs to this rookie mistake! If you do need to use cash, write the reason why on your ATM receipt so you can still itemize. Another thing to consider long term is a fireproof safe or offsite storage up the required … Read the rest...