Accurate and up-to-date bookkeeping is a key element of running a successful business. You should be able to glance at up-to-date Profits, Losses, and Balance Sheet reports and see if your company is making or losing money. Unfortunately, we have seen it too many times – receipts accumulated in boxes or envelopes over many months and clients not being billed on time. Once the receipts are finally entered to reconcile the bank account for the month, we find a number of receipts missing. Missing receipts cannot be used as a business expense and this also means that the expense was not billed to the client. As your bookkeepers, we enter all expenses monthly and let you know right away if you are missing a receipt or expense. This gives you a chance to locate the receipt or request a copy before too much time has gone by. It also gives you adequate time to bill your client. Without up-to-date entries, reports are inaccurate and do not reflect how your company is doing in real time.
