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.

Why create a Bookkeeping Index in the first place, and who’s it even for?

These are great questions. Basically, you’ll want to create the Bookkeeping Index for yourself.

As someone who has more than one thing going on at one time, I can say that having a Bookkeeping Index for my own business has given me peace of mind. Beyond my own experience, I’ve found that creating customized Indexes for my clients helps me sleep at night.

Maybe you’re like me and have a few scatterbrain moments throughout the day. It’s only natural when you wear a lot of hats in your business!. I usually like to work on a lot of things simultaneously but not necessarily from start to finish. If it wasn’t for the Index, I would lose sight of what to do, where I left off, and how to get my workflow back on track. 

As remote bookkeepers, we create Indexes for our clients so they don’t have to memorize the entire bookkeeping process (because who has the time and bandwidth for that, right?). 

Then,our clients can focus on their business with the comfort of knowing we are following the same procedures we talked about in our discovery call. The discovery call walks through the entire Index. We ask all of the questions upfront and the client answers as many as they can. We then follow up on the questions that didn’t get answered in the first call. All of this information is documented once so we never have to think about it again…until we need to. 

This can include: 

  • Contact information
  • Website information
  • Password and login information
  • Step-by-step instructions
  • Frequently asked questions

You can even update procedures as your business evolves over time

As we work to understand your processes, you might discover a redundancy in the process. Having it documented will help you find those redundant inefficiencies so you can improve the process. 

Building a streamlined, consistent process saves time and money. It saves time by setting up the process ahead of time so you aren’t repeating steps. And we all know saving time saves money.

It’s good to remember that auditors look for inconsistencies. These are the red flags they want to find and analyze. If your bookkeeper is following the procedures documented in the Index, there is little space for them to become inconsistent or raise a red flag. This gives our clients peace of mind. 

Are you interested in creating a Bookkeeping Index for your online business? 

Click here to schedule your free discovery call!

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!