BudgetEase Blog - Making YOU Profitable™

Do You Really Have to Reconcile Your Bank Accounts?

In short, yes. It is recommended that small businesses reconcile their accounts at least monthly, although some small businesses reconcile daily for cash flow reasons. This step-by-step video shows how to reconcile your bank account using QuickBooks.

The process of comparing your balance (known as the book balance) to the bank’s records (bank balance) is important for the following reasons: 

What Does a Bookkeeper Do?

Bookkeepers are an integral part of your financial process. They do the heaving lifting to keep your financial information up to date and correct.

Do I Need an Accountant, Bookkeeper, Controller, or Fractional CFO?

It can be confusing for small business owners to determine what professional service is needed. Typically, more than one service is necessary. Below are the differences in professional services available for you to determine which ones are best for your business.

Why a Bank Reconciliation Makes YOU More Profitable

It is crucial to for business owners to enter all of their transactions into their accounting system. The process of reconciling is important to ensure you have enough cash available to cover costs and are able to fund continued growth. However, business owners often determine their cash balance by checking what the bank shows online in the accounts at a point in time. However, you cannot accurately forecast cash flow unless you match and verify activity in the bank statement to QuickBooks or whichever accounting system you use.  

When You Hire the First Employee at Your Small Business

One of the most exciting things a small business owner will do is hire their first employee. Though it make take some time to find the right person, after you're through the interview and references check process, and you're ready to say, "You're hired!", there are a few things you need to plan for on your end. We have some tips to help you get started.

5 Ways to Make Your Year-End Smoother

The last months of the year is a busy time for most businesses. Not just with the approaching holiday season, but preparing for year end as well. To help you get to the finish line, here are some things you can do now to make the end of the year easier.

4 Advantages of Outsourced Bookkeeping Services for Small Businesses

Your business has a focus and chances are it is not bookkeeping. You can try to manage your accounting needs in-house, assign some tasks to an office manager and take others on yourself, but think about a day where you didn’t have to do any accounting work. Your office manager could focus on customer service and you could focus on running and growing your business. In addition to making better use of your time, scalability, cost and expertise are other reasons why outsourcing your accounting operations makes good business sense.

Benefits of Budgeting for Your Business

Just as a personal budget can help ensure enough money is saved for retirement, a business budget can help ensure the company can succeed long into the future. Budgets also help start-ups step off on the right foot. Even without historical expenses data, taking the time to forecast income and expenses for the month, quarter and year(s) ahead will help keep your business lean, efficient and open for business.

Comparing and Adjusting a Business QuickBooks File to Match a Tax Return

Want to make sure your business QuickBooks (QB) file agrees with your tax return? Best practice is to use your accountant’s adjusting journal entries or an accountant copy update file to bring your QB in line with the tax return. If neither are available, we suggest using the following approach.

What To Do When Opening Balance Doesn’t Match the Bank Statement

Have no fear! When the opening balance does not match the bank statement, there are two common reasons:
  1. There are previously reconciled transactions which were deleted OR
  2. A transaction which was previously reconciled was unreconciled
In order to track down what is going on here, the following strategies may be helpful in uncovering the discrepancy(ies).