Getting Ready for Your Bookkeeper
What do I need to provide my bookkeeper?
Okay, so you've decided to hire a professional bookkeeper, but the thoughts hit you:
- ”What information does my bookkeeper need to do my books accurately?”
- “How long is it going to take me to give her all the relevant documents and information?”
And there you go seeing another huge job ahead of you again. Stop!
Providing your bookkeeper with the information needed to get your financial records in spic and span condition should not be difficult or take too much time. All that is needed is a little bit of planning.
The most important thing you need to do is make sure your bookkeeper gets hold of all your receipts so you need to set aside a place to put them - and do it consistently! Your job is simply to make sure that every time you spend money, pay a bill, or get money, you have written (or online) proof that you can provide to your bookkeeper.
Today, many financial receipts, especially for monthly bills, are done through means of electronic transactions these days, and you can just forward this information. In cases where it is still done the old fashioned paper method, you need to keep them safe until they are delivered. As you get your receipts, take a few seconds and write a few notes on the back about what they are for, where you were and who you were with (if it's a business meeting).
And yes, the bookkeeper will take your shoeboxes and piles of receipts; if that's the way you have them!
You will also need to decide how you want to provide your bookkeeper with your bank account information.
One way is to provide direct access online. This may seem a little scary, which is why you want to make sure that you have thoroughly checked the credentials and reputation of the bookkeeper that you hire for the job. You can make arrangements with your bank so that the bookkeeper only has access to view information and does not have any authority to actually make any banking changes. You can create this ID with your bank, and this restricted access also lets you know when your account is being looked at. Alternatively, make sure you send print copies of the relevant banking documents on a monthly basis.
For businesses, your bookkeeper also needs information about your assets as well as your liabilities.
Let's get to the bottom line, the more information you are able to give your bookkeeper, the better she will be able to do her job, and possibly, the more rebates she might find for you, especially when preparing your taxes. Your bookkeeper should be viewed as a highly important part of your business (or personal financial plan) and can be relied on to keep your information up to date, confidential and safe.
If want to know more about bookkeepers and what they need in order to help you maintain your financial records, give us a call. We will be more than happy to answer your questions.
Bookkeeping in : Professional Bookkeeping Services
Bookkeeper in : Professional Bookkeeper