You know the importance of good accounting if you own your own business. From keeping track of expenses to monitoring income, it is imperative for businesses to account for their financial transactions. Accurate bookkeeping enables businesses to make important decisions in a timely manner and make compliance with regulations easier and less expensive.
As a business owner you may be noticing errors, having cash flow problems, or you are suffering fraud but just can’t figure out what is wrong. Today, accounting firms can complete a comprehensive review of your financial records in much less time than it would take you to manually research each item yourself through a bookkeeping software.
If you need a complete clean-up of your bookkeeping records, our team of experts can help you. We will carefully assess your records to ensure compliance with all federal and state regulations. We will discuss your needs and develop a plan to get your company’s accounting system in order.
1. Eliminate erroneous entries in your books
Are you noticing discrepancies in the sales reported to your clients? Or maybe you are having difficulty reconciling these reports with your bank statements. If you don’t catch your computerized accounting software for over-reporting sales or over-paying employees, it will continue unimpeded. A human accountant to keep your books will evaluate for this every time.
Your cleanup service will ensure that all transactions have been recorded correctly and that any errors have been resolved and corrected so you can move forward with confidence.
2. Find and remove duplicates
It is easy to overlook the importance of eliminating duplicate entries. Any time that a company’s book-keeping system has been corrupted, the consequence can be devastating. Our consultants will carefully review your transactions and your data security procedures to identify any duplicated records. Once they have the system back in working order, they can work with you to make sure that all duplicate information is eliminated, preventing additional problems and reducing any risk of future errors.
3. Match vendors, customers, and creditors with their corresponding bank accounts
The connection between bank accounts and the appropriate account for each type of financial transaction is crucial to the accuracy of your books. Without it, you have no way to know what transactions have been completed or pending. Our team of bookkeepers will research your financial records to ensure the proper relationship between each transaction. They will then identify any patterns that could be caused by erroneous entries, duplications, or errors in the interpreting of data. They will work with you to correct any issues so that you can finally start enjoying the benefits that accurate accounting can provide.
4. Find and add missing transactions
If your bookkeeping is a mess, it can be difficult to determine whether or not you are missing any transactions. The longer you spend without correcting these errors the higher the risk of further problems. Your accountant will search for missing information and return your records to an accurate state by adding any missing transactions to your records.
5. Reorganize your data files
Once our professionals have completed the tasks above, they will reorganize your company’s files. This includes setting up a database (if required). Our specialists will ensure that the accounting system is set up to reduce errors and increase efficiency for your company.
When it comes to bookkeeping, the devil is in the details. This is why most businesses need the help of a professional who can cut through the confusion and put your records in order. As we said at the start, every business owner needs to make sure that their books are accurate. A much-needed bookkeeping cleanup will help you achieve this goal.