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Why Having Up-to-Date Bookkeeping Records is Crucial to the Success of Your Business

June 30, 2020

It cannot be overstated - the benefits of keeping your books up to date is critical to the success of your business. Why?

  • It gives you a better understanding of the overall financial health of your company
  • Aids you in identifying bank errors, entry errors, bounced checks, uncashed checks, unrecorded deposits, and much more that can end up costing you in the long run
  • Helps you to easily and accurately create your budget
  • Less preparation time required and no surprises come tax time

There are things that you can do and systems that you can put in place to make “better bookkeeping” efforts easier on yourself.

Does your accounting software have a phone app? Does it integrate well with other apps? QuickBooks Online integrates with many time saving apps that can make bookkeeping a breeze. It also offers a phone app, so you can always have easy access to your financial information.

Are you keeping up with your bank and credit card reconciliations? Most accounting software offers a bank feed that can connect with your bank and credit card accounts to simplify the process. If you use QuickBooks you can link your financial accounts to auto-import the transactions, then all you have to do is quickly review and add them.

How are you paying your bills? Bill.com is an online bill-paying tool that allows you to forward bills directly to Bill.com to be paid electronically by ACH or remotely by check. This secure system syncs up to your Accounting software to manage your bill payments in a much more efficient and effective manner. Forget having to fill out your checks manually and then enter the payment data again into your accounting system. Simply scan your bills to your unique Bill.com email address; or even better, have your vendors send your bills directly to Bill.com to avoid that extra step. This app also offers multi-layered approval process if you have more complex needs.

How are you managing expenses and reimbursements? Save time tracking down your employee’s receipts and give Tallie a try. Tallie integrates with QuickBooks and is a great option for categorizing and electronically storing your receipts. This program can also integrate with your Bill.com account, automatically generating reimbursements for employees or payments to credit card vendors. There are also many other expense management tools, such as Expensify and Auto Entry. Don’t make expense management harder than it needs to be by manually entering your receipts and reimbursements.

These are just a few of the many tools that can help you to save time and keep your books up-to-date. Regardless of the size of your company and the complexity of your needs, there are solutions available to help you simplify!

If you still can’t seem to find the time to manage your books then it may be time to consider using an outside bookkeeping service. Davis & Hodgdon’s RAD services incorporate the use of QuickBooks, Bill.com and Tallie to achieve “better bookkeeping” and we can assist you with your account reconciliations, bill payments and payroll journal entries. We can also prepare financial reports and assist with other time-saving tools that allow you to focus on other aspects of your business. We are here to help if you need us. Email us at info@dh-cpa.com for more information today.

By Lori Pavich, Bookkeeper, RAD