A Beginner’s Guide To Transitioning To An Organized Bookkeeping System

Author: B A Sheahan & Associates Ltd. | | Categories: Accounting Firm , Bookkeeping , Tax Preparation


If you want to accurately keep track of financial records, you must understand the importance of bookkeeping. Implementing a bookkeeping system isn’t just a luxury, it’s an essential part of your small business. To properly manage your business, you need to know what’s happening on a basic financial level. Not organizing and analyzing your business expenses could prevent your business from reaching its full potential. To create awareness about the importance of understanding the end goal when acquiring a bookkeeping firm, the steps they require during the process, and where their starting point is, we at B A Sheahan & Associates Ltd have written down a beginner’s guide to transitioning to an organized bookkeeping system. 

Getting Started  

Hire a professional: Bookkeeping is the part of accounting concerned with collecting and organizing financial documents. This means that the bookkeeper’s job is to gather, organize, and file every bit of data related to your company’s finances. Professionals with training and experience can organize a set of books faster, more accurately, and save time and money for the client. 

Get your things in order: To reach the stage of having an organized set of books for a corporation, a client needs to have the starting point (trial balance of the end of a previous period), a business bank account and business credit card, a clear listing of their customers and suppliers, a financial reporting program such as Sage or Quickbooks, or Xero, and an individual who is knowledgeable as to how to make entries. The client also needs to have all of their financial information collected for the time period in question to present to their professional.

Next Steps 

Set goals: If you want your finances to be organized, have a clear picture of where you want to end up before you start the journey. Be clear on what you want to see when the process is complete. If you are looking at long-term stability, you have to ensure long-term accounting possibilities.

Provide clear instructions: The advisors can do their job right if you let them know what is expected of them. This is why it is important that you hire someone you can trust. Bookkeeping is a crucial and sensitive activity so hiring a trustworthy one to do your business’s books is crucial. Provide clear instructions to your advisor as to your expectations, and gather an explanation on how they plan to get you to your desired goal. 

Do your research: Get a clear understanding of the time involved, the costs to complete, and what you will do with the final report once obtained. You, as the client, are an extremely important participant in getting to the final report as you have all the contacts, information, and reports required to generate the final report.

Advice From The Pros 

Be realistic: A client with much of the required information missing or not available, with the attitude that the professional should deliver the end product because they are being paid, has unrealistic standards. It makes it clear that they have little appreciation for the talents of their advisor, who is working hard on their behalf. 

Trust the professional: We assist with connections to the Canada Revenue Agency for access to the client’s information, connections to the bank and credit cards on the financial software to deliver the proper information for the reports, and the communication with the customers or suppliers to extract the correct information needed for the final reports. We do all of this while putting your needs above everything else. Putting your faith in us will help us help you gain more profit! 

If you are looking for a bookkeeping and accounting firm In Victoria, British Columbia, then reach out to us at B A Sheahan & Associates Ltd. In a world where we mostly communicate electronically, we believe in providing a personal touch and acknowledging our clients’ individual concerns. We want to ensure that our clients find value in our services and that our services are affordable. We offer bookkeeping, payroll, and tax preparation services to clients across Victoria, Vancouver, North Vancouver, Quadra Island, Burnaby, Langley, and the surrounding areas. To learn more about the services we offer, please click here. To get in touch with us, please click here

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