I Am Behind In My Bookkeeping, Now What?

May 19, 2012 by Ed Becker

Let’s assume that you are 12 months behind with your QuickBooks tasks. You haven’t entered  data, reconciled the bank accounts or done anything of substance. Your CPA is asking for year end information to make estimates. Your Accounts Payable and Accounts Receivable are outdated and you don’t have the smallest idea if you are making or losing money. What do you do?

There is no easy answer to this question, but you should factor in answers to these 5 questions:

1. Do you want this done so that you can file timely tax returns while not running yourself into the ground working late at night to catch up?
2. Do you want to invest in a professional who can do this more effectively saving you time and money in the long run?
3. Do you think the information will be accurate once you are done or will your CPA still need to clean things up and charge you for this?
4. Is your main reason for doing this to save money?
5. Do you have the time and desire to take on this task?

You have a couple of options:

1.  You can catch up on the old work buy finding the time to input accounting activity (perhaps at night or on weekends) or

2.  You can pick up the phone and engage  a professional bookkeeping service who handles these tasks on a routine basis

Most services will catch you up and continue providing ongoing services and will train you or your staff to perform these functions on a go forward basis. A sample of how bookkeeping services work is detailed on this link: https://www.osyb.com/bookkeeping-for-small-businesses.html

Whatever your decision is, don’t wait. Act now to save yourself  time, taxes and money…plus peace of mind.