What is a Bookkeeping Index?

On December 22, 2020

As an online business owner, you need a simplified system for updating and organizing all of your accounting information. You’d prefer for it to be kept in one convenient place so your accountant, CPA, bookkeeper, or in-house team can access it at any time. But where do you start?

If this task feels overwhelming or has been pushed to the bottom of your to-do list too many times, we have a great affordable solution you’re going to love. We’re talking about our Bookkeeping Index.   

What is a Bookkeeping Index?

Your Bookkeeping Index holds all of your accounting information in one easy-to-use binder. It also comes with step-by-step instructions on how to use the Bookkeeping Index in your online business. 

We customize the Index to each client to ensure consistent bookkeeping every month.

It’s important to us to work alongside our clients as we take time to better understand  their unique processes before we document it in an organized Index.

The best part of the Index is that we use it for all of our clients! It’s essential to our bookkeeping process, and we think you’ll feel the same way once you see what’s inside. It makes us consistent and efficient so we can produce the best quality books for our clients.

The Index allows either one of us to log into a client’s account and follow the directions we’ve already outlined for that specific client without messing up any of the data. It’s also helpful for clients who want to make minor changes or updates to their Index and feel empowered to do so on their own.

On a monthly, quarterly, and annual basis, we follow the same procedures that were set up in the initial process. That way, we aren’t surprised by anything and we can stay on top of our client’s needs.

What’s inside the Bookkeeping Index?

The Bookkeeping Index lists all of the most important details about the business and goes beyond financial management and accounting information. You’ll also find the company’s information as well as any contact information. 

If we need the company’s EIN, we look inside the Index.

If we need to know who to contact about a past due invoice or bill, we look inside the index.

If we need to know which reports to run at month-end, we look inside the index.

It holds all of the necessary information a bookkeeper would need in order to complete their bookkeeping tasks, all in one convenient and accessible location. 

What if it’s not in the Index already?

If a client comes to us with questions about their finances, we start with the Bookkeeping Index. If the answer isn’t easily found in their Index, we contact the client directly to figure it out. But we don’t stop there.

After a question is answered, we document the question and answer in the Index so we have it readily available for the future. That way, if the question ever comes up again, or something similar, we have an answer or at least the contact information of a main point of contact who can help us.

Let’s say the current bookkeeper wants to go on vacation. How does a business handle it? Do they feel stressed because  no invoicing or bill payments will get done while they’re away? Or, do they hope that person has a great time and look to the Bookkeeping Index to help them get the work done on time?  Our hope is the latter. 

No business owner wants to feel stranded just because one person takes a vacation. And, the bookkeeper never wants to feel like when they come back that they will have double the work to do because nothing got done while they were out.

What if it’s not a vacation? What if it’s an illness? Does the business owner close up shop until the bookkeeper is well and can invoice clients? No, of course not. With our Bookkeeping Index,  business owners can follow our instructions and complete tasks just as if the bookkeeper was there. This gives you a more seamless transition.

We frequently advocate shadowing someone’s job so you have a backup in case of emergency, especially when it comes to your finances and bookkeeping. In our process, the Index is the shadow. A business owner should be able to open the Index at any time and determine what steps need to happen in order to get the job done or get questions answered.

The hard work is done upfront when we set up the initial procedures and in-depth documentation. Once the systems are in place, the whole bookkeeping process will seem a lot less daunting. It’s going to feel like a night and day difference from where your business was before the Bookkeeping Index to where it is afterward.

Click here to learn more about the Bookkeeping Index and see if it’s right for you.