The Mindful Bookkeeper

I always request to have access to a prospective client’s QuickBooks Online or Xero account (if available) for the purpose of understanding their bookkeeping needs. One thing I often notice is that most do not reconcile their bank or credit card accounts. When I asked about their reconciliation process, the business owners stated that they did not know they should reconcile their bank and credit card accounts. Some didn’t even know what a reconciliation is. Other business owners were not aware of the benefits of bank and credit card reconciliations. Therefore, they referred to reconciliations as “another annoying task”. Well, I can tell you a big benefit to reconciling your bank and credi

Cash flow. To improve cash flow we often focus on the larger goals that produce higher dollar revenues. Which means we don’t consider the small expenses because they are harmless. Specifically, small expenses are considered to be harmless because what’s a $1 here or $60 there when your business is generating so much more? The answer is, a lot. What if I told you that the small expenses could make a large impact on your cash flow? What if I told you those small unnecessary expenses could be the difference between your company making a profit and breaking even? Here are examples of small expenses: Checking account fees Bank overdraft fees Late fees Monthly subscriptions – LinkedIn, online sof