As bookkeepers, we love to reconcile! We love to find ways to ensure that we have captured everything accurately. One of our clients is a law firm. They accept retainers that must be held in a separate trust account (IOLTA). They maintain many entries in their billing system, but we check their work regularly. Why?...
Weekly updates not only keep your numbers up to date but can help identify when something is not correct. We have a client working with their account manager, Michelle, for a few years. Michelle knows their account very well and recently noticed when a deposit was made to the wrong account. She brought this to...
At the beginning of the month, accounts should get reconciled. Once you have completed all the reconciliations, you should run financial reports and review them thoroughly each month. But do you know what you are looking for? Look at your Profit & Loss, and look for any deviations from your budget – do you know...