Top Tips to Keep Your Bookkeeping in Tip Top Shape—Series #3

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This is the third blog in the series on Instructing and Guiding you to improve your bookkeeping procedure, getting it in shape and keeping it in shape. Don’t wait, click now to get started.

No matter the size of your business, it is unimaginable how it would properly function without a solid bookkeeping system in place. It serves a great purpose for tax preparation, succession planning and financial reports for making business growth decisions. Also gives a concrete indication of your company’s success and sustainability. But to maintain your books, keeping them accurate, timely and reliable is one of the biggest challenges. After all, you got into business to sell a product or provide a service, not to do bookkeeping. Let’s get it in shape and keep it that way.

  1. Digital Payments
    If you are managing bookkeeping at your company, accounts receivables and accounts payables, accepting digital payment is an efficient process for both you and your customers. There are many options, some within the software programs themselves. For example, QuickBooks has a built in Merchant Account module. This allows several options for accepting payments from not only credit cards, but electronic processing of checks, with quick returns of funds. Other stand-alone programs have very comparable features and are all very popular in this world, of fast and convenient services in high demand. Whether you use PayPal or an option your bank participates in, offering the ease of electronic payments for your clients, will surely be a win-win for both of you.
  2. Inventory
    Maintaining a detailed inventory is as important as offering digital payment processing, and sometimes, even more so. If you manage products on-site that are sold to your customer, knowing what you have on hand in your inventory should be as simple as looking at quantity on hand in your inventory software. Often, smaller businesses don’t have the benefit of specific staff assigned primarily to maintain the inventory, which is vital, but overlooked as more urgent matters arise. Accounting software programs can have an efficient inventory module, such as QuickBooks. However, if you need a stand-alone or a more specific program, there are many to choose from. A few of the top inventory software programs are, Fishbowl, which syncs with QuickBooks to enhance what is already in place, as well as Orderhive. The reviews are helpful when determining the best option to fit your needs. Utilizing an inventory management software is a great benefit, not only to ensure products are available to sell, but to minimize possible theft or misplacing inventory, or simply incorrectly distributing items in a sale. This can also increase sales, by reviewing trends and historical data for efficient buying procedures.

This third in the blog series, assists in developing procedures that maximize efficiency for you and your customers. Efficient processes are cost effective, making a positive impact on your bottom line. If you follow my series, and implement these changes, you will soon be in tip top shape, ready for changes, growth and more. You will be better prepared for a tax planning session in the 4th quarter, helping you to make the most tax advantageous decisions for your business. See you next month!

 

Tammy Stifel
OrganizerForU
Bookkeeping | New Businesses | Quickbooks
p. 515.988.7532
e. tammy@organizerforu.com

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A little more about us:
We guide, assist and manage your bookkeeping operations, customizing our service to fit within your needs, budget and timeframe.

Services include:

Providing daily, weekly, monthly or occasional BOOKKEEPING SERVICES. We assist to the degree that meets your needs and your budget. We provide you with a clear picture of your finances.

  • Handling A/P and A/R entries, monthly financial reports, yearly audit assistance, state banking regulation audits, payroll processing, sales tax filing, and developing and implementing work-flow systems to ensure documentation requirements are accurate and complete.
  • Creating the foundation for a cost-effective accounting system for NEW BUSINESSES, and those working to get more established, then providing customized, agreed-upon bookkeeping services contracting with clients for a clear understanding of the services to be provided.
  • SCRUTINIZING existing financials to determine more timely, accurate and EFFICIENT bookkeeping options.
  • Training of bookkeeping personnel in QUICKBOOKS as a Certified ProAdvisor.
    Examining financials to provide DECISION-MAKING INFORMATION regarding financial department personnel needs, resources and timing for product and service expansion, financial strategies for real estate or asset purchases, etc.
    MANAGING your books in a way that allows YOU to do what YOU DO BEST, sell your product or provide your services, while staying as involved in the bookkeeping as needed for proper management of your financials.
    CONSULTING on-call for client financial questions.

OrganizerForU offers a 20- to 30-minute complementary phone consultation. We value your time and we know that time efficiency is cost effective. During our call, we listen as you describe the current financial situation of your business, asking the right questions to determine how our services can meet your needs. We take time to briefly explain how our services are provided, to ensure we are a good fit for your needs and situation.

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