6 Bookkeeping Secrets Bookkeepers Never Tell Their Clients
Bookkeeping is an essential part of doing business. It is a way to monitor financial performance from expenses, gains, and investments. Bookkeepers are essential for the financial health of any business. However, as regular employees, there are things your bookkeeper likely wishes you knew. Here are some of them:
No Need for House Calls
Clients may think that their bookkeepers should be available 24/7. But in reality, there’s no need for that. There are virtual bookkeeping services that help bookkeepers to do their tasks wherever they are, without being tied to a desk in an office.
By going virtual, a client can save on monthly rent, utilities, and supplies. Another great thing about virtual bookkeeping is that everything runs under cloud-based technology where everything can be automated for efficiency and accuracy. But if you really want face-to-face interaction, a quarterly or biannual meeting should be enough.
Listen to Our Recommendations
Bookkeepers have found ways to simplify their jobs and improve efficiency. According to a survey from the State of Bookkeeping, 71 percent of bookkeepers use one or more cloud-based solutions. If you’re not convinced that modern technological solutions help in the process, you should reconsider your position. Bookkeepers know what they are talking about, perfected through experience and training.
We Hate Double Data Entry
In account management, double data entry refers to the duplication of data into another system. The process jeopardizes the accuracy of financial records, causing errors in data. Double data entry can be resolved by integrating a synching system to help your bookkeeper link two systems together. In effect, this should ensure that books are clean and accurate.
Audits are Crucial
Keeping records should be easy with audit trails. Tracing back all the transactions can become stressful, especially if you don’t have any information on financial actions in the past. Therefore, keeping track of all things is a crucial part of bookkeeping.
Separation of Duties is Important
There is a reason why big companies delegate tasks to a lot of people within their group. Internal theft is a common issue businesses face and is all because of the terrible delegation of workload and responsibility. But to limit fraudulent tendencies, it is best to divide the workload into multiple people so it will be easier to track inconsistencies.
Invest in Cloud-Based Technology
Technology is improving for a reason. Bookkeeping is no longer relegated to just keeping ledgers to track financial transactions. Technology should be incorporated into bookkeeping for more efficient ways to handle data. If you’re unsure about the security of cloud technology, there are many security features to keep everything safe.
Conclusion
Bookkeeping and bookkeepers have climbed to greater heights. Every time you hire a bookkeeper to do their job, make sure that you put a hundred percent of your faith in them. After all, they are the experts in the field.
Are you looking for bookkeeping services in NYC? We at Totally Booked have got you covered! We are here to assist your business in becoming more profitable and utilizing efficient accounting processes. Talk to us today, and let us help you understand your finances.