40 – What to do when you’re done reconciling your books
June 27, 2019
This episode is brought to you by my bookkeeping strategy sessions. You’re probably in one of three areas. DIY, outsourcing or understanding. Each of these stages comes with different struggles and questions. I can help with all three.
If you’re stuck and don’t know how to begin tackling your massive bookkeeping problem that’s keeping you up at night, I can help. We can create an actionable, manageable plan for you to catch up with your books and how to not fall behind again. To book one of these limited sessions, email me at email@example.com to be sure we are a good fit to work together. Now, on with the show.
What to do when you’re done reconciling.
In the last episode, we talked about what to do to get caught up in QuickBooks. The main step was reconciling your bank accounts. So if you’re reconciling that means you’ve gathered your bank statements and gone to the reconcile function in QB and marked off all income and expense that cleared the bank that month and the difference was zero. You’re reconciled! Once you do this for each bank account and each credit card you have, you may wonder, ‘What do I do next?’
Well, I have 5 things for you to do once you’ve reconciled your bank accounts.
- Run a profit and loss. See where you are.
- Look at the detail in each account
- I like to look at the last three months to see if I was consistent in my selection of account and to spot things out of place.
- Run a balance Sheet
Compare these three to the previous month and see what progress you made.
- After reviewing it all, see how much profit you made.
- Are you hitting your goal?
- Are you in budget?
- What went wrong?
- What’s wrong?
- What’s working?
- Can I cut or add anything?
- Mainly, don’t think you’re done! If your bookkeeper is reconciling and double checking, it’s your job, CEO, to make sure you are looking at your numbers and making better decisions OR you are sitting with someone who can help you do those things.
I’d be honored to work with you. To get started, email me at firstname.lastname@example.org with the problem you’re having and we can discuss the best way to get to a solution.
Next week, I’ll be sharing an episode titled ‘How to manage your own bookkeeping.’ If you are ready to use your numbers to help your business, please subscribe so you will be notified when the episode drops.
I would love to connect with you. You can find me on Instagram @lydia.miller.mba and always by email email@example.com.
So until next time, go, make it happen.