Looking for bookkeeping help in Wilmington, NC? Here’s what you need to know.
Recording and monitoring your records of financial transactions is an essential part of managing any business. When you first look for bookkeeping help in Wilmington, NC, you may be wondering what exactly you need to provide for them to efficiently do their job. The more you are able to provide them, the more productive your bookkeeper can be, meaning the more money you save.
What are mistakes to avoid?
One common mistake is not keeping your books current. Most individuals wait until something is due and then try to put everything together hastily. Leaving your bookkeeping to the last minutes adds unnecessary stress to everyone involved. You also can end up with more inaccuracies, which costs your business money. It’s a lot easier to remember what you did yesterday instead of trying to remember the details of what you did last year.
Another common mistake is not properly separating their personal transactions from their business transactions. Business owners intertwine business and personal finances all too often. By not properly separating the two, you will have a mess to comb through come tax time. Having two accounts is not only tax-smart, but will also improve your organization skills. Another way of separating personal and business transactions is getting a credit card for your business. Like the separate checking account, a credit card will help your record keeping and give you something to show the IRS if you’re audited.
Next is a big one: Receipts. You should always keep receipts for every business transaction, no matter how small. Receipts can be used for refunds, reimbursements, tax reductions, price matches, and proof of service. The point is, always save those seemingly useless pieces of paper. They can end up saving you more than you thought.
Lastly, make sure to communicate with your bookkeeper. For the first couple months it won’t hurt to meet face to face. Afterward, let them know if you would like an email or call from them every couple of weeks to check in on your finances. One of the most important things to go over with them will be your profit/loss statement and balance sheet. If you do not fully understand how to read your financial statements make sure to ask your bookkeeper. They shouldn’t mind having to explain it to you and should be open to helping you better understand other key points in your business finances.
In general, the best way to get the most out of your bookkeeper is to provide the required documents in a timely manner. This gives them ample time to correctly process your financial transactions.
Below is a list of documents you may need to provide off-site bookkeeping services for your business. (This is a general list for reference only, and is not limited to the documents listed.)
• Monthly reports including net sales
• Invoices made to customers
• Credit card statements
• Receipts for credit card purchases
• Receipts for cash purchases (out-of-pocket expenses)
• Statements of bank loans
• Deposit slips
• Monthly summaries
• A back up copy of your accounts software disc for the year if your records are computerized. Let us know the exact software and version and make sure you have a spare copy.
• Any ledgers that you keep
• Check books
• Payroll Records
• Copies of any new loans or agreements
• Anything else you feel may be relevant – if in doubt, include it