B104.15b - Bookkeeping Process |
Bookkeeping was covered pretty heavily in the Business 102 - Accounting section.
Generally speaking, Bookkeeping can/should either be done weekly, monthly, quarterly or annually.
Generally speaking, Bookkeeping is a heck of a lot easier if you do it after the fact, using the bank statement itself to enter all the transactions...
Generally speaking, we do NOT recommend connecting your bookkeeping system automatically to banks
The 220 Club master write up for Bookkeeping can be found at https://ZAP-Accounting-Software.com
Generally speaking, Bookkeeping can/should either be done weekly, monthly, quarterly or annually.
- IF you have enough money, such that cash flow management is simple, you can do your books every 6 months or annually and it is really darn easy.
- The only danger of doing it so infrequently is the potential of missing fraudulent charges or over charges for months.
- To protect against that, if you don't want to do books monthly, we encourage the scanning of statements as part of the cash flow management process, which should transpire weekly or monthly, no matter how much cash is available.
Generally speaking, Bookkeeping is a heck of a lot easier if you do it after the fact, using the bank statement itself to enter all the transactions...
- The concept of using Quickbooks or your accounting system as a point of sale system is severely flawed.
- Those vendors love that idea because it ties you to their products, and you may like it because it "sounds good".
- Once you see alternate system for cash flow management and bookkeeping, you will realize just how limiting, confusing and time consuming it is to do accounting in real time or separate from your bank statements.
Generally speaking, we do NOT recommend connecting your bookkeeping system automatically to banks
- The concept of linking your bookkeeping system to your banks sounds so cool.
- It can be a nightmare.
- We've explained why this is such in issue in other sections
The 220 Club master write up for Bookkeeping can be found at https://ZAP-Accounting-Software.com
You should do your own books...
If you can't or don't want to do your own books or at least be a part of the process, you likely shouldn't be in business. It just isn't that difficult when systems are setup properly to aggregate info and data. In the olden days, Accountants were the business owners because everything about business was simply related to the final accounting.