Your books in need of help?
“Not surprised!” Accountants hear this on a regular basis from business owners regarding their bookkeeping and financials. The important part is recognizing that you are in need of financial assistance and kick off the process of seeking professional financial help. Since you are reading this article it is likely because you are thinking you may be in need of assistance with your companies bookkeeping.
It’s time to get back on track!
How to Know when you need accounting assistance?
If the thought of talking to an accountant makes you cringe
• If you have stacks of papers and receipts on your desk, unorganized
• If you can’t pull a Profit and Loss statement on demand
• If your invoices are not integrated with an accounting system.
It’s not important:
Most businesses feel the same way and don’t feel the need to fix it because of one of the following reasons:
- They have grown to accept it i.e. it is how it is.
- They are afraid of the cost of fixing and postpone the inevitable outcome.
- They believe that they will fix it at some point and that their business is not currently impacted. This is not accurate as good business decisions are made based on the financial statements of a business.
The Risks of poor bookkeeping practices?
The longer you wait to fix things the more it costs you! Do you really want to subject your business to this?
It is not uncommon for accountants to find unpaid invoices. If books are not properly reconciled and up to date, things will fall through the cracks and you will lose money.
It also costs money at tax time when you aren’t able to get strategic advice and you spend money on trying to fix things that could have been corrected at the onset.
This is the most obvious, as when your books are not organized, you spend more time chasing paper, entering data and trying to figure things out. Since you are not an accountant, spending valuable time doing work that you are not qualified to do can be frustrating and inefficient.
- Loss of productivity
With poor bookkeeping, you don’t have the ability to see margins or understand what part of the business is performing well. This lack of insight puts you at a huge disadvantage because you aren’t able to make informed decisions with hiring, marketing or anything else to build the business.
Getting organized and back on track
With the above reasons in mind, let’s hope your committed and are saying, “I’m tired of not knowing the financial state of my business, I’m ready to get it fixed. What do I do now?”
Register with KIPPIN’s accounting as a service program (https://www.kippinitsimple.com) and let the experts guide you and manage your books while you focus on growing your business.
The Building block to success
The reason why 99% of small businesses have their books in a poor state is that almost all of them never got started correctly. This only compounds over time and creates a headache that most business owners are not equipped to handle.
The first step in getting on the right track is to stop and start over. You need a new system with a clean slate and to start rebuilding the transactions.
To complete proper bookkeeping, you need accounting software to set up and document all transactions. It is highly recommended that you seek an accountant or bookkeeper to help with your books.
At KIPPIN, our expert bookkeepers will assist with setting up your chart of accounts as thus is the structure of your businesses accounts where all transactions are booked too.
Our accounting as a service platform provides automated integrated banking and reconciliation of accounts. This results in your general ledger being automatically generated as your business grows and ensures that you are always ahead of the game.
The goal is to regularly reconcile transactions so your financials are up to date and helpful.
This is often where it becomes problematic for business owners. They often find they do not have the time to do this type of work as they are busy actually running the day to day operations of the business. This is when things start to get completely out of control.
Our team of experts at KIPPIN takes this burden away from business owners by reconciling each account activity for them
Don’t let your discomfort with bookkeeping and financial reporting be the reason your company loses money.
Get the help you need
A business owner should spend less time reconciling transactions even though they feel that they can resolve their bookkeeping woes at some point.
It is more cost effective and efficient to find someone who can do the setup for you, integrate your systems and who will reconcile transactions regularly and send you financial reports.
If you’d like help, the experts at KIPPIN specialize in turning bookkeeping headaches into beautiful, simple accounting reports.
There is no time like the present.
Come register now at www.kippinitsimple.com and let the experts take care of your books.
How KIPPIN’s accounting as a Service platform can save you money:
To make sure you are getting the most out of your bookkeeping money, here are some time-saving tips for you!
- Always use separate bank/credit card accounts for business and personal and do not mix the purchases or the accounts.
- Take a picture of your receipts and allow our system to automatically match and attach it to your bank/credit card statements in the order they appear on the statement
- Use cash / personal debit cards as little as possible. If your must use cash / personal debit cards, then our mobile app allows you to input the amount and attach the receipt.
- Business owners that use email transfers, should simply log into the KIPPIN app and identify who the email transfer was sent too, as bank statements do not clearly define this for the bookkeeper.
- Just connect your bank and upload your receipts and our team of experts will take care of the rest for a simple monthly fee.
- Shareholders should clearly document all transfers to/from their accounts and this can be done via the KIPPIN app. In many cases, the bookkeeper will assess any deposits to your bank account as a “sale” and assess GST on that money. If you have money going into your account that is NOT a normal sale, make sure you identify it.
- If you use your personal bank accounts to pay bills, make sure you submit them and clearly identify the business expenses.
- Let your bookkeeper do your payroll for you as they can make the process quick and easy. Payroll has many rules around it, therefore it is important that you are paying employees correctly.