4 Tips to Ensure Your Bookkeeping is Solid

When you’re a one-woman show, you wear all the hats! But that doesn’t mean that you can’t ask for help. After all, one quality of a good CEO is building the right relationships. And unless you’re a financial professional, I’d be willing to bet that one of the relationships you could use most is an accountant. Am I right?


If you’re currently DIY-ing your books and not quite ready to outsource that task, you can still set yourself up for success. With the right tools and guidance, you can do a good job being your own bookkeeper. Here are a few questions you might be asking:

1. What accounting software should I use?

The two I recommend most are Quickbooks Online Plus (paid option) and Wave (free option). They’re both easy to use, can link directly to your bank, and produce the reports you need to assess your business’s financial performance.

Remember - your CRM software is not accounting software. While it might have similar features such as invoicing and tracking expenses, it has its limitations.

2. How do I know if I’m labeling transactions correctly?

When labeling transactions, use categories that make sense for your business transactions. Your accounting software will come with preset categories, but they may not make a lot of sense for *your* business. One of the first steps I take with new clients is to customize these preset categories (called a Chart of Accounts) so that they better fit my client’s business and that gives them a decision-making tool to run their business like a CEO.

3. Do I really need to reconcile my bank account?

YES! Make sure you aren’t missing out on valuable tax deductions by reconciling your bank accounts for each month. Reconciling your bank account means you’re catching any automatic charges you might have missed recording in your accounting system and are aware of any returned customer payments so that you can follow up and collect in a timely manner.  

If you’ve set up direct import from your bank to your accounting software, this is more of a “checks and balances” step to ensure that all transactions were imported correctly.

4. How did all of these receipts pile up?

It’s because you’re busy running a business!  

Put dates on your calendar to check in periodically on your books. Your financial reports are historical information, meaning they look back on events that have already occurred. You, as the CEO, should consider this valuable intel, as it helps you to make decisions and adjustments moving forward for the overall strategy and day-to-day operations in your business.

If you have any of these questions about *your* business, you’re probably feeling a little less than confident about your bookkeeping and like you could be doing more to get a handle on your situation. You’re right.

When you have a solid bookkeeping system set up for your business, it saves you time (and money!), helps you make CEO-level decisions, and helps you grow your bottom line.

Working with clients to set up their bookkeeping system is one of my favorites ways to work with entrepreneurs.  What I’ve seen from the process is that it restores their confidence and gives them clarity around the numbers. That’s why I want to invite you to work together on a System Setup during this last quarter of the year.  

When we work together on a System Setup, I start by looking at how you currently track your finances.  We talk about what parts of your finances feel overwhelming and discuss your goals. After that, I look at all of the ways money flows in and out of your business, set up a system that makes sense for you, and bring your bookkeeping up to date.

When we’re done with your System Setup, you’ll feel confident that your bookkeeping is accurate and up to date, that you have the tools you need to grow your bottom line, and that you are clear about the money you make and spend.  What happens after that is you’re able to confidently reinvest in your business, pay yourself a sustainable salary, and file your taxes on time!

If you’re ready to get a professional set of eyes on your bookkeeping, comment below and tell me you’re interested in a System Setup so we can schedule a time to talk.  I recommend doing it sooner than later, as I only have 4 openings left for this year. I’d love for you to get one of those spots and set up your bookkeeping system before 2018 ends.