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If you’re setting up a bookkeeping system or managing the books for a business, one of the most important steps is establishing a well-organized chart of accounts. The chart of accounts is essentially a listing of all the accounts that will be used to classify and summarize transactions and prepare financial statements. Having a thoughtfully…

As a bookkeeper, the general ledger is at the heart of your record-keeping. This central repository documents every business transaction and allows you to produce financial statements, track accounts, and monitor cash flow. Given its importance, it’s critical to maintain your general ledger properly so it remains accurate and up-to-date. General ledger maintenance might sound…

In the world of bookkeeping, every day brings its unique set of challenges. From balancing accounts to navigating complex financial landscapes, bookkeepers are the unsung heroes behind every successful business. However, one aspect that often tests their mettle is dealing with challenging clients. As a bookkeeping coach, I’ve had the privilege of working with numerous…

Welcome, fellow bookkeepers, to a comprehensive guide on mastering bank reconciliations like seasoned professionals. In the world of bookkeeping, the bank reconciliation process is a cornerstone of financial accuracy and integrity. It ensures that the records in your accounting system accurately reflect the transactions in your bank accounts. While bank reconciliations may seem daunting at…

Welcome back to day 21-25 of our 30 day bookkeeping reset! This week we’re tackling the crucial topic of small business tax preparation and compliance. I want to equip you to confidently organize key client documents for filing season and stay updated on the ever-changing tax landscape that impacts your clients’ bottom lines. Mastering tax…

In the dynamic landscape of financial technology, blockchain has emerged as a transformative force reshaping traditional bookkeeping practices. Its decentralized, immutable ledger system has profound implications for accounting professionals, particularly in the realms of cryptocurrency accounting and smart contracts. Let’s delve into the intricate relationship between blockchain and bookkeeping, exploring how this innovative technology is…

Bookkeeping has been around for centuries, ever since the first merchants needed a system to track their trades and money flows. While the methods and tools have changed dramatically, the core need for accurate financial record-keeping remains in every type of business. In today’s digital economy, some people wonder if the traditional bookkeeping profession is…

By days 16 through 20, we’ve cemented fundamentals allowing us to level up into more advanced financial analysis and insightful reporting. Now we transitions from bookkeeping basics into leveraging reconciled data, spotting trends, and telling stories to inform management decisions propelling growth. Sharpening Analysis Techniques First, let’s expand our analytical toolbox applying ratios assessing liquidity,…

We’re ready to transition from conceptual basics into developing solid daily bookkeeping task habits. I want days 6 through 10 cementing strong workflows to rely on throughout your career. Consistency Breeds Confidence Start by instituting consistent daily work blocks protecting your bookkeeping time. Brief periods daily build familiarity faster than sporadic longer sessions. Establish a…

Mastering the Core Bookkeeping Basics We’re ready to immerse fully into the bookkeeping basics during these pivotal days of our skills reset program. Consider days 3-5 an intensive bootcamp bridging textbook concepts with real-world application. My aim is equipping you with the key terminology, principles, and software skills serving as building blocks for a successful…