HomeAboutTestimonialsBlogContact UsFree Gift

On October 7th, 2016 by Alexander Hubenthal

Financially Fit Fridays 04: The 3 Services You Need Right Now to Automate Your Business's Bookkeeping

Posted In:
Uncategorized

Over the past few weeks, we have covered a lot of accounting theory but this week I wanted to tell you about some services we use that make our lives extremely easy when it comes to managing our business's books.

1. Xero

Out of all the available cloud-based accounting providers, Xero is hands down the most user-friendly in terms of user interface and integrable apps as well as the amount that you can do with it. In the past, we have used other providers to meet our cloud-based accounting needs but Xero was the only one that exceeded our expectations and their price point is competitive with the rest of the market.  Another reason we love Xero is because Xero automatically integrates with literally hundreds of apps through the Xero Marketplace that makes your bookkeeping feel like a breeze. The following 2 services we use also integrate with Xero and sync instantly over the cloud.

2. HubDoc

Are you sick and tired of spending hours each week keying in data from your bills or having someone else on your staff do it? Yeah  us too! Imagine a service where you can email or fax all of your receipts and bills to one location and within a few short moments all of the important data is synced with your Xero account and it is ready to be reconciled. If this doesn't have you as a business owner foaming at the mouth yet, I don't know what will. Get on over there and check them out today!

3. Bill.com

If HubDoc didn't get your motor running, this surely will. Bill.com is a complete turn-key platform for Accounts Payable and Accounts Receivable management. This is an elegantly designed platform that provides complete audit trail information to track who did what and when in the system. Safeguards can be put in place for certain people to only have access to certain roles. For example, you as the business owner would probably want to be the only one writing the checks for bills that need to be paid. Accounts can be set up on a multitude of access levels and can be constantly changed as the needs of your business change.

 

Boom! How many hours did we save on your weekly bookkeeping tasks by taking 3 minutes to read up on some amazing services that are out there to make your life easier? Want more tips? Click Here to sign up for our mailing list to be the first to receive weekly updates and more!

On September 23rd, 2016 by Alexander Hubenthal

Financially Fit Fridays 02: Is Your Business Balanced?

Posted In:
Uncategorized

With so much talk today about "work-life balance" and everyone having their own opinions on this topic, I find it a little humorous that we don’t talk about balancing our business’s books as much (enter sarcastic smirk here).

All jokes aside, one of the most important activities to be completed by a business owner or a bookkeeper is to balance the accounting books on a regular and frequent basis. This can be done easily through your accounting software whether it be an online subscription like Xero who I am a certified advisor for or a desktop based solution that you use.

How do you balance your books? I’m glad you asked. But before we go there, we need to discuss a little accounting theory. I promise it will be a lot less painless than your college accounting course. The balancing of the accounting books is rooted in the fundamentals of accounting. In accounting, we use something known as double-entry bookkeeping/accounting. We also use very technical terms such as “Debits” (on the left) and “Credits” (on the right) and we need each item to have an offsetting account for example:

As you can see, we had Sales of $500 and subsequently we also received $500 in cash because of those sales (let's assume we didn't accept credit cards for your services in this example). This is an example of a journal entry in the books using double entry accounting. Every account (Lawncare Sales, Cash, etc.) have their own definitions as to whether they are a Debit or a Credit. To make your head spin just a little bit more, every account (Cash, Sales, etc.) can be both a Debit or a Credit depending on what activity is occurring in the business.

Luckily in our technologically advanced world, we have accounting software that performs the majority of these functions without us business owners and entrepreneurs needing to know all the intricacies of accounting and bookkeeping to stay afloat.

Ok. Now for how we balance our books. In your accounting platform, the accounting software will pull charges in from your bank (Also known as the bank feed. If you don’t have this set up, shoot me an email and I’ll be happy to see if I can help you out) and attempt to match them up to the correct accounts based on your Chart of Accounts. Then you or your bookkeeper will step in to correct and post the journal entries to the ledger. This at times can be a very time-consuming process especially if you don’t do it frequently or if you haven’t done it in a very long time; if ever. One of the big benefits of having your own bookkeeper for your business is because you have a professional who is knowledgeable of the accounting systems and how all of your charges need to be posted. I recommend reconciling your bank account and balancing your books at least weekly. However, the more frequently you reconcile and balance your books, you will have more visibility and you will be able to identify financial issues as they arise.

What did you think? Have questions? You are always more than welcome to shoot me an email at alex@bookscaping.com or if you need to sat aside some time, you can set up a meeting with me in less than 30 seconds by going here http://bit.ly/2cbTikp

What did you think? If you have comments, ideas for future posts, or questions you want answered, post in comments or send me an email and I’ll incorporate it into the list.

HomeAboutTestimonialsBlogContact UsPrivacy Policy
© Copyright 2017 - Bookscaping, LLC - All Rights Reserved
twitterfacebookmediummenu-circle