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Your trusted bookkeeper is dedicated to helping you manage your financial records in QuickBooks effectively and confidently, providing you with valuable guidance and essential tools.
Best Practices for Safeguarding Cash
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Cash registers should be accessed by authorized employees only.
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Cash registers should be emptied routinely.
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Any cash kept at the business should be kept in a lockbox or other secure location.
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Cash should be deposited in the bank daily.
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A manager or owner should be required for the authorization of any bank withdrawal or cash return that exceeds a predetermined amount.
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Financial documents such as check stubs, supporting documents, banks statements, or voided checks, should be retained for at least seven years.
GAAP Bookkeeping Principles
A good bookkeeper should follow the below GAAP (Generally Accepted Accounting Principles) Fundamentals:
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The Cost Principle
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The Time-Period Principle
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The Revenue Principle
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The Matching Principle
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The Full Disclosure Principle
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The Monetary Unit Principle
Bookkeeping vs. Accountant Roles
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Bookkeepers handle the day-to-day recording of financial transactions of a business.
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Bookkeepers can easily provide monthly or quarterly financial reports.
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Bookkeepers ensure all financial data is recorded accurately and that it is up-to-date.
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Accountants analyze and interpret data (often provided by bookkeepers) to offer strategic financial advice and tax prep support.