The Real Purpose of the Bookkeeping Index

On December 22, 2020

In addition to saving you from accounting related headaches in the future, our Bookkeeping Index is meant to save you money!

Documenting all of your bookkeeping and financial management processes in one easy-to-access resource is the bestway to save time which, in turn,saves money. Who wouldn’t love the sound of that?

Having your accounting processes written down and organized in one place will ensure that you and your staff are consistent and efficient with your accounting process. It will help you feel more confident with your day-to-day bookkeeping as well as reducing stress when tax time comes. 

Nothing saves more time than performing a series of tasks in a well-thought-out, step-by-step process. Following the same steps eliminates redundancies which saves time.

When you have accounting processes well-documented, it’s easy to follow the same steps on a daily, weekly, monthly, quarterly, and annual basis. As you continue to follow the documented process for the whole month or year, you will find that your accounting is up-to-date and timely by the time tax season arrives. At year end, you’ll simply schedule an appointment with your tax accountant and produce all of your tax-ready financials. 

Your Bookkeeping Index paves the way for you to have your taxes prepared on time without facing penalties or needing to file extensions. Again, this saves you time and money!

It’s also valuable to know where your business stands at a moment’s notice.

A Bookkeeping Index helps you stay on top of your accounting with a step-by-step instruction binder that’s easy to follow. You won’t be bogged down, wondering which steps to take next because they’re already documented for you. All you need to do is follow along with the Index and you will have books that are up-to-date which you can use to make better financial decisions.

Knowing you can run a Profit & Loss report and easily figure out if you’ve made more than you’ve spent is a tremendously powerful tool. At the end of every month, you will know how your business performed and how to make smart business decisions. Do you need to cut spending or closely manage your inventory? Do you need to spend capital to buy the new trailer or invest in new computers or software?

Answers to these questions lie in the analysis of your business’s financial statements, and the only way to trust the financial statements is to have up-to-date accounting. 

If you’re doing the accounting yourself and you’re not a trained accountant or bookkeeper, it can be difficult to know if you’ve covered everything. 

Were all of your sales  entered correctly and on time? Are the bills paid? Where do we stand on the inventory shipment? 

Your Bookkeeping Index will reduce the time you spend on accounting and searching for these kinds of answers, which will also allow you to have the tools you need to make sound business decisions based on accurate and timely financials.

Ready to get started with your own Bookkeeping Index? See if it’s right for you by clicking here!