How to minimize bookkeeping and maximize profits?

Bookkeeping in five monthly steps by following my system you'll be able to have much more success doing your own books because you actually know what you're supposed to be doing every month when you work on your books it's not just about entering transactions in quickbooks online.

it's actually about following a system for doing your own books so here's my system for doing your books. let's go over the monthly bookkeeping services.

Why do you need a monthly bookkeeping?

Bookkeeping services is cyclical but keeping actually happens in steps daily steps, weekly steps and monthly steps it's all based on a cycle you need to standardize your processes on your workflow the more.

than you do something in the same order in the same way the more that it'll be familiar to you you'll get in the flow of things you'll get in the habit of doing things a lot of business owners won't work on their bookkeeping because they never make it a habit if you're committed to working on your own bookkeeping you have to develop healthy habits for working on your books on a regular basis you also have a predictable way of working on your book.

since we just said you'll get on a schedule you'll get used to working on your books a little bit every day a little bit every week and every month. and most importantly you'll get organized which is what every small business owner wants to do when it comes to their finances they want to get organized after working with hundreds of small business owners and helping them.

 

Top 5 Steps for Monthly Bookkeeping Practice

1. Record

Add transactions to QuickBooks - most business owners think that doing their own bookkeeping is adding transactions to QuickBooks and actually this is just the first step of doing your own bookkeeping so how the transactions get into you can add them through the bank feeds by connecting QuickBooks to your bank and credit card accounts you can do it.

manually like entering invoices customer payments deposits filing sales tax reports processing payroll things like that and you also may have your QuickBooks integrated with applications or apps like PayPal Square and others like that perhaps some accounts payable, accounts receivable payroll receipt storage and others it could be many apps that you're using to bring transactions into QuickBooks.

2. Reconcile

reconcile and here you reconcile the bank and credit card statement balances to QuickBooks this step shouldn't be confused with working on your bank feeds many QuickBooks users refer to working on their bank feeds as a reconciliation.

but in fact technically it's not a reconciliation in working through the bank feeds a reconciliation in this case refers to taking the end of the month balance from the bank or credit card statement and reconciling that amount back to quick box the reason why you would perform.

this step why you would reconcile is so that you can ensure that all transactions were recorded into QuickBooks and that there are no duplicate or missing transactions now you might be saying to yourself.

reconcile all of their accounts before we can then continue on to do any sort of clean up or customization that means then that the reconciliation process.

3. Review

review after everything has been recorded into QuickBooks the accounts have been reconciled then you want to go through a review process and you're essentially reviewing to make sure that transactions are recorded accurately.

some of the steps that you might include in a review is to ensure that there are no old items in the bank feeds window to ensure that all bank and credit card accounts have been reconciled to ensure.

that there are no old and cleared transactions in the bank reconciliation window to review for old balances in undeposited funds review the profit and loss report for unusual or unexpected balances review the balance sheet report also for unusual or annex.

4. Revise

revised after you perform the review and you find some transactions that perhaps are not recorded to the right account they may be miscategorized or something needs to be reviewed perhaps there were some duplicate transactions that need to be voided in the revise that you make corrections and adjustments based on your review process this is a very.

important step because here's where you can catch mistakes and make the necessary Corrections to make the books accurate.

5. Restrict

restrict and here you want to close the books in QuickBooks to prevent accidental changes to the box here's where you'll go into the settings to enter a closing date and you'll be able to then lock yourself out essentially of your QuickBooks app for that time frame so that you don't make accidental changes but don't worry you are still able to make changes you just have to enter a password.

but this is a very effective way of preventing you or someone else who works on your books from making changes to the box and I'm sure you can understand that if you've already gone through all of this the monthly bookkeeping steps you wouldn't want to make changes to the books after the fact because that would affect the accuracy of the box.

when the books are not accurate and you can't rely on them and the most important thing about having accurate books and going through this process of doing your own bookkeeping and doing it the right way of organizing yourself feeling in control of your finances is to be able to then rely on the box so that you can look at reports and really know how your business is doing so that you can make critical decisions for your business.

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