Episode 19: Working with a Bookkeeper
Welcome back to another episode of Chat with Brandy, this is episode 19.
Last week, we talked about getting prepped for tax season, and for those of you that own businesses, either sole proprietorships or corporations, that will mean BOOKKEEPING.
First of all, let’s talk abut the definition of bookkeeping. Bookkeeping is the activity or occupation of keeping records of the financial affairs of a business.
As soon as you start a business, you should be keeping track of every transaction no matter how small. Every movement of money in and out of your account needs to be recorded.
Depending on the volume of these transactions, you may or may not be able to handle this yourself. Many entrepreneurs feel that they can do it themselves even as they struggle to find the time and wonder if they are really doing it properly. Or, sometimes everything is smooth sailing, but your business is growing past the point of DIY bookkeeping and that’s where I come in.
Now, I do have a preferred software, which is Quickbooks Desktop or Online, that is what I have become an expert in. If you have started with another software and would like to stick with it, I would probably recommend that you seek out an expert in that software, or we can work to transition your books to Quickbooks.
I have clients that I do absolutely full-service bookkeeping with, where they bring me a pile of paperwork (and we’ll go through exactly WHAT paperwork soon) either monthly, quarterly, or even annually, and I organize, categorize, and compile financial statements.
I also have clients who do most of the work themselves, sometimes with a phone call to clarify any questions, and then I do a health check at the end of the year and make sure everything is entered properly.
There is a full range of the scope and level of services you may require, and that will be individual to you, but know that you should be able to work with your bookkeeper to make sure that you are maximizing their knowledge and skill and staying within whatever budget you have set for this side of your business. A good bookkeeper will work with you to develop a system that works for you and your business!
In this episode, I am walking you through a typical appointment with me and how our relationship would develop.
Firstly, I always offer a discovery call or meeting – this consultation is free, and it’s where I learn about you, your business, what has happened and what has not, and what your level of need is. From there, we can develop a plan together to get you on the right track.
Sometimes, this is as simple as getting access to your Quickbooks Online file so I can address a concern you have. Sometimes, this is you giving me 6 years worth of paperwork that hasn’t been looked at since you started your business back in 2013, and we start from scratch. I’ve seen both many times, and everything in between, and NONE of it scares me and I’m happy to help in any of those situations.
During our meeting, I will present you with a customized checklist of items that I need – this is quite individual, but as a general reference guide, I have a handy checklist and it contains some common items, but the essentials are:
Bank and credit card statements
In some cases, an authorization to access your online accounts with CRA.
There are many options on how to get these items to me – we can arrange a pick up or drop off, you can go virtual and scan items to Dropbox, Hubdoc, or even right through the QBO app. My job is to make your life easier, so we will determine together whatever solution works best.
WHAT TO EXPECT
Once all of the documents are sorted, categorized and entered, I will present you with financial statements that clearly show you the money you’ve made and spent, and any money you owe or are owed for that specific time period. This is also a great opportunity for me to estimate what your taxes payable will be to help you with your savings plans.
When working with me, you will discover that I want you to be able to understand your own financial situation, so for that reason, I produce financial statements are easy for you to understand. My job isn’t done until I know that you have a firm grip on how your business is doing and we always focus on profit.
Questions are welcomed and I love the opportunity to teach and enable your growth!
As an added service, I prepare and file GST returns and payroll remittances, or I can just prepare them for your preferred accountant to file. All services are completely customizable, and I work with CPA’s a lot as a tag team for our mutual clients.
All of my service prices are listed on my website, and consultations are always free. No matter how dire you feel your situation may be, there are steps we can take to get you into a better situation.
THE FUTURE OF CHAT WITH BRANDY
I have gotten a great response to these videos with a lot of positive feedback, with many people informing me that I’ve helped them. This has been great as I feel I’ve been able to educate and help people grow their business and make the difference that they’re supposed to make. I am looking forward to continuing the Chat with Brandy show, as I feel I still have a wealth of knowledge and information to share. I am going to focus on adding guests to the shows to share their knowledge with you, and to bring in new ideas and information.
The next couple of episodes are going to be covering what you need to know as an employer, everything from payroll deductions, CPP, T-4’s, WCB, and more. After these episodes, I’m going to take a season break from March to April, and that will be the end of season one of Chat with Brandy. While I am taking a break so that I can dedicate my time and effort to the personal tax season, I want you to know that I am still always here to talk to you and to answer your questions, I just won’t be preparing new videos for a short time. I will be sharing old videos that I feel will be relevant during the tax season, and I will be back with a new season of Chat with Brandy in May. If you have any ideas or topics that you would like me to cover in the new season, please feel free to email or private message me on facebook, all feedback is appreciated!