5 Steps to set up your Online Bookkeeping

Virtual Bookkeeping
Virtual Bookkeeping

5 Steps to set up Online Bookkeeping

  1. Compile – Gather the information you need
    • You will need online access to all of the bank accounts and credit cards for your business
    • You will need a list of your customers and your vendors
    • A list of all of your important company information would be helpful too (Company name, Address, phone, website, email, Tax Identification number and type of entity) If you don’t have all of this information it can be added later.  Your CPA or another tax professional is also a good resource to ask for this information
  2. Look Into– Do a little research determine which online accounting package will work for you. Most popular are QuickBooks and Xero.
    • We use both programs with our clients and find them both relatively easy to use.  QuickBooks (Intuit) is the most well known of the two and information is readily available online.  Xero was developed in New Zealand, so you may find some differences.  For example, expenses in Xero are displayed as negative numbers on their financial reports.
  3. Online – Link all of your online accounts to your online accounting package to automate information coming in
    • This is where that information you gathered in Step 1 will come in handy!
    • Each of the online programs has the ability to link your bank accounts.  By linking your accounts, all of your transactions will download automatically into the accounting program for you.  No data entry!
  4. Utilize Categorization – Put your revenue (money coming in) and your expenses (money going out) into categories so that you can track your business. Knowledge is Power!
  5. Determine if you are on track – Talk to an expert to determine if your business is heading in the right direction. Set up a phone call with us today !
    • We offer a complimentary review of your setup to determine if you have everything set up to benefit your business.  Set up an appointment today to have us review your bookkeeping setup
 5 Steps to set up your Online Bookkeeping

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