Small businesses rely heavily on their bookkeepers to keep their financial records in order. However, in order for the bookkeeper to do their job effectively, the business owner must provide them with certain information. The following is essential information that small businesses need to give their bookkeepers.
One of the most important things that small business owners need to provide their bookkeepers is access to their accounting software. This will allow the bookkeeper to easily input transactions and maintain accurate financial records. It's important that the bookkeeper is familiar with the software being used and that the software is up to date.
In some cases, a bookkeeper may ask a small business to use specific software. Bookkeepers might want a certain software for its ease of use, comprehensiveness, or compatibility. Business owners that don't yet have financial software set up should consult with their bookkeeper to see which program would be best.
Bank Statements and Receipts
Small business owners additionally need to provide their bookkeepers with access to their bank statements and receipts. These documents are crucial for the bookkeeper to track income and expenses and reconcile bank accounts.
It's important that business owners provide their bookkeepers with all relevant statements and receipts in a timely manner. The easiest setup is for bank statements and receipts to be uploaded daily or weekly if they aren't already digitized and then for all relevant digital information to automatically be sent to the bookkeeper.
Invoices and Sales Records
Invoices and sales records are also essential information that small business owners need to provide their bookkeepers. These documents will allow the bookkeeper to track revenue and ensure that all sales are accounted for. Business owners should provide their bookkeepers with all invoices and sales records, including any electronic copies.
The easiest setup for invoices and sales records is to grant bookkeepers access to a business's customer relationship management software, in addition to the bookkeeping software that's used.
Bookkeepers have to know certain employee information for tax purposes. This includes employee names, social security numbers, and payroll information. This information is necessary for the bookkeeper to accurately track employee compensation and benefits.
Bookkeepers also need relevant business tax information. A bookkeeper will usually ask for the business's tax ID number, as well as information about any taxes that the business must pay. This information is used to ensure that all taxes are paid on time and that all necessary tax forms are filed.
Contact a professional to learn more about small business bookkeeping.Share