Running a business, no matter how small, can be complicated. One of the key responsibilities that entrepreneurs have is ensuring that their finances are in order. This means staying on top of income and expenses, keeping accurate records, and filing taxes correctly. For many small business owners, managing the books is time-consuming and stressful. That’s where bookkeepers come in.
A bookkeeper is a financial professional who manages a company’s financial data. They handle tasks such as invoicing clients and paying bills, maintaining accurate financial records, reconciling bank accounts, preparing financial reports, and more. Hiring a bookkeeper can help you stay organized and on top of your finances.
But how do you know if a bookkeeper is doing a good job? That’s where 60-day bookkeeper reviews come in. In this article, we’ll explain what 60-day bookkeeper reviews are, why they’re important, what to look for in a review, and how to conduct your own review.
What are 60-Day Bookkeeper Reviews?
A 60-day bookkeeper review is an evaluation process conducted by a business owner or manager to assess the performance of their bookkeeping service provider after two months of engagement. The goal of this review is to determine whether the bookkeeping service provider is meeting all necessary requirements and expectations mentioned in their contract with the client.
Such evaluations allow businesses to address any concerns or issues proactively before they become major problems. It’s an opportunity for feedback so that both parties (the client and the bookkeeping service provider) understand what’s going well and what needs improvement.
Bookkeepers typically record transactions daily or weekly for their clients depending on the agreement terms. A 60-day review provides enough data to evaluate whether they have been performing efficiently throughout that period accurately.
Why Are 60-Day Bookkeeper Reviews Important?
60-day bookkeeper reviews are an essential part of managing your business finances. Here’s why:
1. Ensures Accuracy of Financial Data
Without proper checks and balances, errors in financial data can go unnoticed for months, if not years. A 60-day review provides a checkpoint to ensure that all transactions have been properly recorded and categorized. It’s a chance to catch any mistakes before they become major issues.
2. Helps Identify Problems Early
If there is an issue with the bookkeeping, such as inaccurate entry or late delivery of reports, it’s best to identify it early on. This way, both parties can work together to identify the root cause of the problem and resolve it quickly.
3. Assures Compliance with Laws and Regulations
Bookkeepers are responsible for ensuring that businesses comply with relevant laws and regulations regarding financial reporting and taxes. A 60-day review can help identify any areas where compliance may be lacking before penalties or fines are incurred.
4. Helps Build Strong Relationships with Service Providers
Regular evaluations show service providers that you take their work seriously and expect high-quality service from them. On the other hand, it also provides your company a chance to communicate what is working well and opportunities where improvement can be made for better results.
What Should You Look For in a 60-Day Bookkeeper Review?
When conducting a 60-day bookkeeper review, there are several key areas that you should focus on:
Your bookkeeper should adhere to deadlines agreed upon during the start of engagement such as sending monthly or weekly reports at agreed times.
There should be no discrepancies in transaction recording compared against bank statements or receipts.
Ensure that all regulatory obligations have been met such as proper tax reporting based on jurisdictional requirements that apply in your country/state.
The bookkeeping service provider should provide responses promptly when needed and offer explanations of the entries made when necessary.
The bookkeeper should display professionalism in their work, maintain confidentiality of financial documents and avoid any conflicts of interest.
How to Conduct Your Own 60-Day Bookkeeper Review
Conducting your own 60-day review is a simple but essential process. Follow these steps:
Create a Checklist – Create a list of items you would like to assess during the review process. This may include compliance with laws and regulations, timeliness, accuracy, communication, and professionalism.
Gather Data – Collect all relevant data that has been gathered by the bookkeeper for the past two months. This will include things like financial reports, transactions recorded, bank statements, invoices sent out or received by clients/customers, payroll registers (if applicable), and more.
Verify Accuracy – Review all transactions to ensure they have been accurately represented in the reports and all entries are properly recorded.
Evaluate Compliance – Check to see if all regulatory obligations have been met in relation to your jurisdiction’s requirements such as tax remittance/reporting for your business size or type.
Evaluate Communication – Judge how well communication channels were maintained between you and the bookkeeping service provider regarding updates on tasks assigned or inquiries made from either side.
Assess Professionalism – Check if there were any breaches made intentionally or unintentionally of confidentiality agreements signed between both parties.
In conclusion, conducting a 60-day bookkeeper review is an important part of managing your business finances efficiently. It helps ensure accuracy while identifying issues early on so that corrective action can be taken timely before it becomes an actual problem for your organization.
Your bookkeeper plays a crucial role in your company’s success by keeping accurate records and ensuring compliance with tax laws and regulations which can be cumbersome for many small businesses to navigate on their own.
By conducting regular reviews , one can make sure they have a competent and reliable bookkeeping service provider in place that is trustworthy, transparent and dedicated to delivering high-quality work.
And with this guide, you now possess the knowledge and tools you need to do just that!
What is 60 Day Bookkeeper?
60 Day Bookkeeper is an online course that teaches bookkeeping basics to beginners.
Why should someone take the 60 Day Bookkeeper course?
If you want to start a business or work as a bookkeeper, this course will give you the foundational knowledge you need to succeed.
How long does it take to complete the 60 Day Bookkeeper course?
As the name suggests, the course takes 60 days to complete. However, you can do it at your own pace and have access to the material for life.
Who is the instructor of 60 Day Bookkeeper?
The instructor of 60 Day Bookkeeper is Ben Robinson, who has been teaching bookkeeping for over a decade. He’s also known as the “Bookkeeper Business Launch” guy.
Is there any guarantee that someone will learn how to do bookkeeping effectively after completing the course?
Yes, there’s a money-back guarantee if you don’t learn anything from this program within 30 days of purchase.
What topics are covered in the 60 Day Bookkeeper course?
The topics include basic accounting principles, financial statements, budgeting, payroll management, and tax preparation.
Are there any prerequisites for taking this course?
No prior experience or training is required – anyone can enroll! However, having some familiarity with Microsoft Excel would be helpful.
Is there any additional support provided during and after completion of the course?
Yes! You’ll get access to a private Facebook group where you can ask questions and get support from other students as well as Ben himself.
Can someone access all modules at once or only one module at a time?
All modules are available immediately after purchase, but it’s recommended that you complete them in order.
Is 60 Day Bookkeeper worth the investment?
Absolutely! The course provides comprehensive instruction and support to give anyone a strong foundation in bookkeeping skills – making it a sound investment for those looking to start their own business or work as a bookkeeper.