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What does an effective bookkeeping system look like?

What does an effective bookkeeping system look like?

Bookkeeping is a process designed to accurately track income and expenses, facilitate the flow of money through the business and provide reliable data in a timely fashion.  A good process includes schedules, deadlines, and a system of checks and balances.  How do you know if your system is working properly?

  • Sales invoicing is completed promptly
  • Receivables are collected timely
  • Vendors are paid on time to avoid late fees and take advantage of payment discounts
  • Bank, credit card and loan balances are reconciled and accurate
  • Financial data is reliable and readily available
  • Sensitive information is secure
  • Taxes are filed and paid promptly to avoid penalties
  • Cash Flow is positive and predictable
  • The process is documented to easily facilitate staff changes
  • The system functions relatively seamlessly
  • The owner(s) have confidence in the system and it no longer causes stress