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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.
Quick Tips for Bookkeeping Software Users:
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.
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.
GAAP Bookkeeping Principles
A good bookkeeper follows fundamental Generally Accepted Accounting Principles.
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Every asset is recorded with the price for which it was paid.
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Example: A salon owner purchases a hair dryer for a discounted price of $350. She believes it is worth $850 and is free to sell it for that amount. However, the item will always be valued at $550 in the "books."
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*The depreciation of assets, such as a company vehicle or equipment, is typically recorded in a contra account.