At Schanel & Associates, PA, we understand that efficient bookkeeping not only saves you time but also keeps your costs down. To help you make the most of your monthly write-up and bookkeeping services through QuickBooks Online (QBO), here are some practical tips:
- Minimize Manual Checks
Whenever possible, use electronic payments instead of manual checks. Electronic transactions are easier to track, categorize, and reconcile in QBO, reducing the manual work required. - Ensure Bank Links Are Working
Regularly check that your bank and credit card accounts are linked to QBO and syncing properly. This ensures that transactions are automatically imported, eliminating the need for manual data entry. - Separate Personal and Business Transactions
Avoid mixing personal and business expenses in your business accounts. Keeping these separate streamlines bookkeeping and ensures your financial statements are accurate and ready for tax preparation. - Review Uncategorized Items
Regularly review any uncategorized transactions to ensure accurate financial reporting. We are now offering software tools like Keeper or Uncat to help you easily review and categorize these items online. If you are not already using these tools, reach out to us for more information. - Opt for Tech-Savvy Banking
Consider using a modern, tech-forward bank like Relay Bank. These banks are designed to integrate seamlessly with platforms like QBO, offering features such as automated transaction categorization and enhanced reporting capabilities. - Provide Accountant Access to Bank and Credit Card Accounts
Granting your accountant view-only access to your bank and credit card accounts streamlines the reconciliation process. Many banks, such as Wells Fargo, Bank of America, and Relay Bank, offer specific features for accountant access. Avoid sharing your username and password to maintain security while enabling your accountant to work efficiently. - Schedule a Review When Necessary
Coordinate with your accountant to review your financial data as needed. This flexible approach ensures that any issues or questions are addressed promptly without overburdening your schedule.
By implementing these tips, you can make your bookkeeping process more efficient and keep costs under control. If you have any questions or need additional guidance, our team at Schanel & Associates, PA, is here to help.
