When it comes to doing your own bookkeeping, the details are important. It is essential to take it slowly and methodically. Ensuring that everything is done correctly the first attempt will save you so much time and headache later.
When it comes to bill pay, be careful!
Something you have to be really careful about is bill pay. When I first started Redmond Accounting, bill pay was a headache. I would constantly worry about forgetting something. Luckily, the accounting software that I use today to input bills (Bill.com) does most of the work for me. For example, after uploading a document, it can autofill the fields for me instantly. The convenience of this is amazing, but there can still be errors. For example, often the software doesn’t pick the right approver or chooses the wrong account for categorization.
While this software reduced a lot of headaches, I still had fears around making mistakes. As a result, I created a checklist, which has significantly reduced error.
Here is a summarized version of the steps in my process.
The bill pay process:
- Upload documents
- Process inbox
- Add new vendors
- Verify vendor information
- Verify recent bills
- Modify page order
- Note fast pay
- Mark bills paid
- …
You get the point! Each step has in-depth descriptions and links to helpful pages if I need to troubleshoot. This means that if I need to have someone else do my bookkeeping temporarily or if I decide to entirely outsource the work to someone else, the person working in my place will know exactly what to do and how to do it.
The Redmond Accounting team has compiled all of my checklists together to help you run your business efficiently. The range goes far beyond the basics of bookkeeping, including procedures for setting up new cloud integration. We’re enabling clients to do their own books and go entirely virtual on their own, for much less than it would cost to have someone else do it.
We are so excited to be able to share this with you all! If you’re looking to improve your bookkeeping workflow, schedule a complimentary consult so we can learn more about your business’s needs. We’d love to help you empower your business through accounting expertise and insight.
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