You’re paying good money to outsource your company’s bookkeeping to highly-qualified and professional service. But are you doing your part to ensure that your bookkeeper has all the information that they need? Here are a few things your bookkeeper wants to see from your receipts.
1. Monthly updates
Over the course of a single month business owners can rack up a lot of purchases. From buying new inventory to making improvements to your facilities it’s easy to amass a huge collection of receipts over the period of four weeks. Do your bookkeeper a favor and submit your receipts each month. The longer you wait, the more the receipts pile up leaving big mess for your bookkeeper to manage.
2. The entire receipt
At Fix it Accounting we ask our bookkeeping clients to scan their receipts and email them to us. From time to time we receive partial images that don’t include all of the pertinent information we need to keep the books. When providing receipts to your bookkeeper make sure they include everything they need to know about each purchase, including location, time and content of the purchase as well as the purchase amount including sales tax.
3. Grouped by payment method
Separate your receipts based on the method of payment. This makes it easier for your bookkeeper to track each of the receipts against your statements.
4. Pre-check against bank statements
And while we’re in the subject of your statements, go ahead and check your receipts against each of your statements before sending them over. This way you can make sure that each receipt is accounted for and your bookkeeper won’t have to come back to you looking for a stray receipt.
5. Label them
Many of your receipts are pretty easy to track, but sometimes your bookkeeper may not be able to tell from the documentation what type of purchase your receipt represents. For instance, a receipt from WalMart could contain purchases for office supplies, meals and entertainment, or gifts for your staff members. As soon as you make a purchase make a note on the receipt regarding what kind of purchase it was, the more information you provide for your bookkeeper the better.
We know, making changes to the way you do things is difficult to adjust to at first. But we promise you, submitting consistently organized documentation to your bookkeeping service will save you time and money in the long run. Check out our website for more information about our bookkeeping services, and contact us today for a free consultation.