Tips to save money on accounting services

by Tom on August 2, 2010

First of all, let me welcome you to our new website,  You will see a whole new look , easy navigation, and there is more information.

There are some good tips on the How To page of the website, but I want to repeat some of them here regarding a good way to save money on accounting services for smaller companies.

For Bank Reconciliations

Pick up the bank statement, verify month ending.

Verify by matching cancelled cheques to bank statement and verify deposit book to bank statement.

Write down the closing balance per books and bank at top of page beside each other.

Make note of any deposits made not recorded by bank under balance per bank and add to balance; then verify cancelled cheques to book entry.

List any cheques entered but not returned and deduct from bank balance.

Verify that non cheque items on bank statement have been recorded.   If not mark down these down.  Now, verify carry forward items from previous month have cleared.  If not mark them down on  the bank reconciliation.

Write up a a set of books

Gather up all the bank statements and all the cash paid out items.  Sort cash paids by category and add them up, attach adding machine tapes to each pile.

Using QuickBooks or Simply Accounting…  Select a chart of accounts in the accounting program.

Record opening blank balance – debit bank credit shareholder.

Enter all the cheques and deposits in chronological order.   Bank debit for deposit, credit to sales.

Cheques and bank debits (non cheque items) debit expense credit bank.

Cash paid outs: enter debit expense and credit to shareholder/owner.

Do a back up!

Bundle up the package with last years tax return and go to see an accountant.

This will save at least a few hundred dollars.

My staff and I are always available to provide expertise on Accounting, Bookkeeping, and all Management Issues.

As a skilled CMA I have gained a reputation as a true ‘trouble-shooter’ for business issues, and have assisted many companies with efficiency or with communications or business ethics issues; along with providing our professional accounting practices.

Call me for a consultation any time at 604.874.3660.  Tom Jarrold

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