Closing your books every month remains a vital part of running a successful business. Doing so will provide visibility into your business’s financial information, explaining in detail what areas need to be improved upon, and is a great practice to stay accountable. This ultimately benefits your decisions about future business ventures, prevents expensive mistakes, and simplifies the tax filing process.
Here at SPB, our onboarding process for Bookkeeping Clients begins with check-in’s at 30, 60, & 90 days. While we will never know your business as well as you do, we strive to be a close second. Following the initial 90-day onboarding, Quarterly reviews are conducted, and our Bookkeeping Team is always available for unlimited support. In addition to these review sessions, you will receive monthly Profit and Loss statements, Balance Sheets, and our advanced ‘Variance Reports’ which detect any month-to-month anomalies. Additionally, once a year, our clients received an in-depth 'Industry Report' for their unique industry.
Unfortunately, there are many common bookkeeping mistakes that can occur within a business. On the bright side, they can often be avoided or mitigated. Read on as we walk through some bookkeeping best practices and red flags.
Improper recording of transactions can have a ripple effect, causing problems all the way down the line. One example is misclassifying an entry in your books, which can cause discrepancies in your financial records and make reconciliation significantly more challenging. This also trickles down to income tax time because your records won’t accurately reflect items that may be deductible.
At Southern Payroll & Bookkeeping, we believe precise financial management is the backbone of a thriving business. Whether you’re a solo entrepreneur working from home or running a fast-growing company, our expert team is here to support you. By partnering with SPB for your bookkeeping needs, you gain more than just accurate records—you gain a dedicated team, tailored support, and access to innovative technology that keeps your business moving forward.
Calculate how much you could save by outsourcing your Bookkeeping.
