Challenge: David, an attorney, uses his paper bank statements to figure out the expenses for his business. Additionally, like some of our other clients, he pays many personal expenses from his business account. Last year he sent his bank statements to his accountant and was charged $1,200 to have his business expenses totaled.
Tired of losing money David decided to try outsourced bookkeeping. He saw BudgetEase and because of our catchy name thought we may have an efficient, inexpensive alternative to getting his financial information together.
Solution: Instead of working off the paper copies of the bank statement, BudgetEase had Dennis download his 2600 bank transactions directly from the bank’s online center into an excel spreadsheet. Then BudgetEase sorted the sheet by payee and showed Dennis how to categorize each transaction. Dennis learned how he could categorize a batch of transactions at one time. For example, all the transactions with Sprint as a payee could be categorized Phone as a group instead of one at a time.
Downloading the transactions and training Dennis took less than an hour. On his own Dennis categorized all 2600 transactions. The project took him another hour and a half, hours less than working with paper statements would have taken. When Dennis returned with a completely categorized excel spreadsheet, we used a pivot table to organize the information into the Expense Statement. Time needed – 5 minutes
Result: Last year the same work cost Dennis $1,200 for his accountant to calculate his business expenses. This year BudgetEase charged Dennis $100 for this time saving procedure to collect his information. Plus Dennis was able to get his information to the accountant in time.
Download our financial statement template below or contact us and we could save you time and money, too.