Catch-Up and Cleanup Bookkeeping Services

Are your books behind?  Has it been a while since you’ve had a chance to reconcile your bank account against your books?  Has it never been done at all and you’re running your business based on your account balance?  (You’re not alone – more people do this than you’ll ever know!)

You’re probably stressed, you don’t know what’s so about where your money is going and you’re missing valuable tax deductions and actionable intel about your business!

We can have it caught up in a jiffy. We have many tools that can help us import or scan in older transactions to make the work go fast.

If you fall behind on your books, you’ll have a speedy financial team at your service to help get you back to speed. Where’s all your data? On a hard drive? In filing cabinets? No matter how you’ve stored your financial data, we can work with it to get your books up to date. We know that security is critical, and we’ll work with you to plan the easiest, safest, and most secure way to retrieve your information.

• Bank accounts, credit cards, and lines of credit
• Accounts receivable and accounts payable accounts
• Payroll records
• Enter missing data and rectify incorrect entries
• Reorganize chart of accounts to ensure better financial management through effective reporting
• Optimize your Bookkeeping for enhanced reporting and better Management Reports

This service helps you get your books up to date, which ensures compliance with financial regulations as well as accuracy.

Why Is Catch-up Bookkeeping Important?

A few reasons why you should not underestimate the importance of catch-up bookkeeping include:

1. Compliance: Falling behind on bookkeeping often results in issues with tax authorities and other financial institutions.  By getting your books in order, you’ll be able to avoid penalties and meet deadlines.
2. Accurate financial reporting: You need accurate records in order to make informed business decisions. Up-to-date bookkeeping will help you make the appropriate decisions.
3. Financial analysis: You’ll be able to analyze trends, plan for the future, and identify specific areas for improvement when you have a clear picture of your financial health.

 

What Does Catch-up Bookkeeping Entail?

• Gathering all your financial documents: Some of the documents that are important to gather include receipts, bank statements, invoices, and other relevant financial documents.
• Organizing your financial data: One way to simplify the process is by categorizing documents based on assets, liabilities, income, and expenses.
• Categorization of expenses: Properly categorized expenses allow classification of deductions, accurate reporting of income, and only paying taxes you are required to pay.
• Reconciling bank and credit statements: This involves comparing bank statements with your business bank records to determine if they match and discover any reasons for differing balances.
• Entering data into your accounting software: We can work with most accounting software solutions or make recommendations for the best software for your business and goals, then migrate your existing data to the new product when necessary.
• Reconciling accounts: Our experts will reconcile all your accounts to ensure all transactions are recorded and balanced.
• Generating financial reports: Once all the records are up to date, we’ll generate essential financial statements such as the Statement of Financial Position and Statement of Comprehensive Income.

What If I Haven't Kept Any Financial Records at All?

It can be difficult to catch up on bookkeeping if you haven’t kept any financial records. However, it’s not impossible. Collect all of your invoices, bank statements, receipts, and any other necessary paperwork you can find to start.

We will work to identify the scope of work to be done and provide you with an accurate idea of the expense and time required to bring you up to date.

How Long Does Catch-up Bookkeeping Take?

The amount of backlog, the resources available, and the complexity of your financial records, all affect how long it will take to catch up on bookkeeping. It could be a few days, a few weeks, or even months. The more electronic data is readily available, the faster this will be.

Can I Do Catch-up Bookkeeping Myself, or Should I Hire a Professional?

Even though it is possible to catch up on bookkeeping on your own, doing so can be difficult and time-consuming, particularly if you have a large backlog. Let’s face it, thinking you’ll get this done yourself is likely why you’re reading this right now.  Using Clear Profit 365 will save time and ensure accuracy.

We can efficiently perform catch-up bookkeeping since we have the know-how, understanding of financial regulations, and effective procedures. Our professionals can also offer insightful perspectives and sound financial advice to assist you in making the best decisions for your company.

What Are the Consequences of Not Catching Up on Bookkeeping?

Unfortunately, not catching up on your bookkeeping can have a few negative consequences for your business, such as:

• Inaccurate financial insights: Without updated bookkeeping, your business won’t have accurate financial reports that give you information about the performance and profitability of your business.
• Compliance issues: Financial records that are inaccurate or lacking essential information may cause tax authorities to issue penalties or fines for non-compliance. Additionally, it can make it more difficult for you to get loans or financial aid from lenders or investors.
• Cash flow challenges: It may be challenging to accurately track your cash flow if your records are incomplete or jumbled. This may result in poor cash flow, postponed payments, or lost opportunities to improve your financial situation.
• Missed tax deductions: Falling behind on bookkeeping might cause you to lose tax deductions, which can limit your capacity to save money and increase your tax liability. If you need further assistance with tax planning, tax filing, and tax returns, Clear Profit 365 can help with this too. We’ll help prepare you for the tax season, so you don’t have to worry about any fines or penalties.
• Business growth limitations: It can be difficult to prove your company’s financial health and entice potential investors or partners without accurate financial documents. Getting your bookkeeping in order enables you to give a clear picture of the financial health and expansion prospects of your business.

CALL US TODAY to discuss your unique situation and how we can help!