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I Can't Stress This Enough!
This is a compilation of the key fundamentals of bookkeeping & financial oversight at every company.
Here are the key things we've learned over the years working with dozens of small businesses:
1) Reconcile your bank accounts to your accounting system all the time. Constantly. "I can't stress this enough!"

- Don't wait for the month end statement (although you also should have one of your monthly reconciliations be to the statement).  

- You can reconcile to the online balance every day, or every two days, or every week. It makes the bookkeeping SO much easier.  

- When I meet a bookkeeper who says they reconcile the bank account every day, that's an immediate high-five. I know I'm dealing with someone who knows what they're doing.
2) Don't commingle business and personal transactions on the same bank account or the same credit card. "I can't stress this enough!"

- The bookkeeping because exponentially more confusing, time consuming and imprecise when transactions are commingled. That's either an increase in cost if you pay a bookkeeper by the hour, or it is a distraction from running the business if you're the business owner and you're also doing the bookkeeping.

- Keep it simple. If a transaction hits this bank account or credit card, it is always business related. By definition, end of story.
3) If you get behind on the bookkeeping, or over your head, ask for help quickly. "I can't stress this enough!"

- If the bookkeeping is slipping, catch it early before it becomes an expensive or exhaustive problem.

- If you don't know who else to ask, email us. We’ve met lots of businesses in that situation, and we’ll give suggestions for what you can do.
4) Look at an income statement and balance sheet monthly. Even if you have no idea what it means. "I can't stress this enough."

The process of understanding your numbers like a pro begins with looking at them regularly, even if you don't understand them. Practice, plus the information on online guidance, will get you there over time.
5. This is the key, even when you don't understand what you're looking at:  
Always ask WHY?!?
- Why is office supplies higher than it was last month?
- Why did my cash go down when my income statement says we had a profit?
- Why has our revenue been increasing for three months in a row?
- Why! Why! Why!
  We love to help and answer questions.  Feel free to contact us at Care @ 
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