Congratulations you are finally running the business of your dreams!
As you may have realized by now as a business owner you have to learn how to understand your financials and how to use them. I know you didn’t go to school for accounting and that this can be very confusing for most business owners so we are here to help.
You finally hired a bookkeeper so you can focus on your business.
We are asked by clients every day what needs to be done? So we’ve created a beginner bookkeeping 101 guide to help you understand what you’re looking at.
Beginner Bookkeeping 101: Remember you need to communicate with them, what do they need to know?
What do you need to communicate to your bookkeeper?
1. What are your goals for the next quarter and the next year?
2. What information do you need in order to help you determine if you hit your goals?
3. Do you have any new revenue streams?
Communicate that with your bookkeeper so they know to track it!
4. How will you be accepting payments for any new revenue streams?
5. Report any new business credit cards
6. Congratulations on your new funding, this needs to be reported to your bookkeeper to be accurately tracked.
7. Did you accidentally use your business credit card for any personal expenses? List those items so that they can be categorized correctly.
8. Do you have any large expenses or deposits that have occurred that are out of the ordinary? Share the reason for these to your bookkeeper.
9. Are you accurately tracking your inventory?
10. I have no idea what you are sending me? AHHHH help me understand what these foreign reports are!
Do you need additional assistance beyond beginner bookkeeping 101? Consider taking your business to the next level with the following exercises:
o Create an annual budget
o Outsource invoicing and collecting from clients to increase efficiency
o Use a weekly cash dashboard
We know accounting can be confusing and overwhelming for most people so please know we are here to help you. Let’s learn from each other and grow together.