How To Ensure Quality Reporting Services

Author: Genesis Bookkeeping Ltd. | | Categories: Bill Payments , Bookkeeper , Bookkeeping Services , Financial Statements , Organizing and Maintaining Books

Blog by Genesis Bookkeeping Ltd.

You can’t know how successful your business is unless your success is defined and tracked. Once you establish what success is, you can adapt your business strategies accordingly. Most businesses dump information on the viewer and expect them to make sense of it with no clues about how that data should be interpreted or where the interesting bits are hiding. Businesses should focus on creating reports that add value and provide actionable insights. The ability to monitor, maintain, measure, and drill down data will enable you to manage and improve your entire operation. 

It’s a lot to keep track of keeping records while also running your business, managing sales, expenses, salary payments, and any other money that goes in and out of your business. This is why hiring a professional bookkeeper helps. A bookkeeper records the financial transactions of your small business. They develop a system that organizes your sales, purchases, payments, and receipts. They record the information in accounting software and help you make sense of your numbers. However, not all bookkeepers are the same. To determine if you are working with a reputed professional, Genesis Bookkeeping Ltd has written down a few pointers that will help you ensure you receive a high quality of service from your bookkeeper. 

1. The cosmetics of the reports 
The process of preparing an accounting report generally depends on the report, the size and scope of the business, the amount of detail you want to include in the report, and the time periods being compared. Generally, the process involves totaling certain accounts for a set period of time. Part of a bookkeeper’s duty is to create organization from chaos. Bookkeepers are experts at implementing systems to properly record and store your receipts, categorizing them based on the type of expense, and ensuring the data’s there if the IRS comes knocking. Find out if the bookkeeper you hired has maintained proper records of your profits, income, expenses, assets, and bank accounts. When checking their work ask yourself, is the profit where it should be? How is the income determined? How is the bank balance determined? Are my expenses in line with the receipts? Can I prove that the report is off? Are there double entries, or are they all correct? Asking your bookkeeper these questions and properly communicating with them will help you and your bookkeeper work towards the same goal of profit-making. You need to find a professional whose needs align with yours. This will help you see eye to eye and work towards a better outcome.  

2. Accurate tax filing
The last thing you want is to get audited or have the taxman after you just because you forgot those quarterly or annual tax filings. Depending on the type of business structure you’ve created for your startup, you will have various tax requirements, including estimated tax payments, corporate tax payments, and other filings. It’s ideal to find a bookkeeper as they can handle your taxes as well as payroll and other financial issues. With accurate tax filings, you can ensure that all your expenses and income are accounted for and can be backed up with proper documentation. Even if your bookkeeper is insured against errors and omissions, you or your business are on the hook in case of errors. The effect of incorrect books could range from misinformed business decisions on your part to misreported taxes (and the resulting IRS penalties) on the part of your business. A good bookkeeper keeps your books clean and makes it easy for you to review and query the entries. For added assurance of transparency and accountability, you should sit with your bookkeeper to go through whether all the expenses, assets, profits, etc., are listed as accurately as possible. 

If you are looking for a bookkeeper in Steinbach, Manitoba, then reach out to me at Genesis Bookkeeping Ltd. I have been doing bookkeeping for over twenty years. As your bookkeeper, I will be with you all the way! I believe in your business and the difference we can make together! I offer bookkeeping packages like the bronze package, silver package, and gold package to clients across Steinbach, Winnipeg, La Broquerie, Grunthal, Ste. Anne, Blumenort, and the surrounding areas. To learn more about the services I offer, please click here. To get in touch with me, please click here.