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Matching client’s workflow with appropriate bookkeeping

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This is the most cost-saving bookkeeping method uploading or import bank statements and credit card statements into the bookkeeping system, assign codes, and add. It just picks the revenue generated and expense incurred. However, the activities generated revenue and expense haven’t been entered into the database. Worse is that there is no mechanism exist to ensure all the revenue was deposited, the client lost internal control. On the other hand, bank loans, reimbursable expenses, tax refunds and shareholder contributions need to be picked up carefully against revenue. Otherwise, revenue will be boosted by wrong codes.

Useful management reports rely on their database.  To create an appropriate database, bookkeepers need to understand how activities are organized and set up a suitable bookkeeping system to capture the business activities, no more, no less. The workflow varies with business sectors and is updated with new technology. Many small business owners require customized workflow to perform their daily business activities. The bookkeeping system needs to be varied with workflow.

Retail & E-Commerce

E-commerce is a kind of online retail. The owner needs to know best/worst selling items, inventory on hand, cash flow etc. The bookkeeping system needs to capture the purchase order, purchase, inventory on hand, and online sales activities. It is suggested to use the third-party app, such as Shopify or other POS, to manage purchase orders, sales, and inventory. The third-party app is integrated with bookkeeping software. The data of third-party app is synchronized with the bookkeeping system, manual data entry errors will be reduced, and inefficiency of data transform will be eliminated. In addition, to manage cash flow, e-commerce and retail business owners must manage inventory lest an out-of-stock situation happens. Sales information needs to be synchronized to the QBO system seamlessly and timely. Owners need to make informed decisions based on instant management reports.

Restaurant & Alternative healthcare

For restaurants, alternative medical services providers etc., it is not practical and desirable to enter individual sales for each customer and tracking inventory on hand. A daily summarized data is enough to generate the relevant reports. It is suggested to enter daily summarized data into the bookkeeping system with scheduled recurring entries. Detailed sales are kept on another resource such as cash register or POS that have not been integrated with bookkeeping.

Contractors & Trades

Contractors need to track the time worked on the project, the labour cost per project, the expense related to each project. Contractor clients are largely mobile companies that perform the on-site job. They need to get an overview of the project and input data in the field.  In addition, to enable the project management function, it is suggested to add Accounting Mobile App to send invoices, estimates and receipts. Contractors snap receipts with a mobile app, The character recognition (OCR) technology will be used to read and transform the data into QBO. The owner is capable of tracking income, costs, and profitability of projects through phone and generate reasonable biding to the next project.

Every business has its customized workflow, for example, some do not need to issue invoices as payment received at service provided; some just need to know period end inventory, some need to purchase material to produce inventory items, etc. If you need a bookkeeping system appropriate to your workflow, please contact Qing (Jessica) Shi CPA at (403) 408-9765.

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