Catch-Up Bookkeeping
Too Busy for Catch-Up Bookkeeping?
Many small business owners fall behind on bookkeeping, with some dedicating just 10 hours a month to managing their books. Nearly 70% of small business owners do not have an accountant which contributes to the backlog.
Book a Call
If you are like most business owners, you're probably in the same boat. Running a small business comes with endless responsibilities pulling you in different directions, and keeping up with bookkeeping often takes a back seat.
Without accurate bookkeeping, key financial statements like your income statement and balance sheet won't reflect your business' true financial position, making strategic decisions harder.
Better Books Better Decisions
Better books mean better business—and we prove it every month. Falling behind on your books can lead to problems, especially come tax season, when obligations need to be met but your books are in disarray. This can lead to missed tax deadlines and potential IRS fines and penalties.
What is Catch-Up Bookkeeping?
Catch-up bookkeeping is the process of updating and organizing your financial records when they've fallen behind. Whether it's been a few months or even a few years, catch-up bookkeeping removes the bookkeeping backlog, restores clarity to your business's finances, and helps with tax season preparation.
This is NOT Catch-up Bookkeeping
Catch-up bookkeeping isn't a quick fix for messy financial management. While it gets your records in order, it's not a replacement for consistent, ongoing bookkeeping. Think of it as a necessary step to correct your financial course and set you up for proper bookkeeping habits moving forward.
Catch-Up Bookkeeping Is Important
Accurate financial records are the foundation of any successful business. Falling behind on bookkeeping doesn't just create extra paperwork—it can lead to missed opportunities, costly tax penalties, and poor decision-making.
Signs Your Books Need Catching Up
Unreconciled Bank Accounts
If your bank statements don't match what's recorded in your financials, that's a clear red flag. Unreconciled accounts can lead to discrepancies that distort your financial reports.
Pile of Unrecorded Transactions
A backlog of receipts, unpaid invoices, or unrecorded payments is a sure sign that things have fallen behind. The longer this pile grows, the harder it becomes to manage.
Missed Tax Deadlines
If you've struggled to meet tax deadlines or filed incomplete returns, it's a strong indicator that your financial records need attention.
Benefits of Keeping Your Books Up-to-Date
Manage Expenses
Every business expense needs to be accounted for. Big or small, it needs to be entered in your books. Knowing how much you've spent, and how much you've earned is critical information for day-to-day operations.
Business Budgeting
You can't make a budget without having a realistic idea of what you spent last year. That's your baseline. Then, you plot out what you hope to spend this year.
Revenue Forecasting
How will you know you can afford to pay another new hire, unless you can anticipate the amount of money you'll have coming into your business?
Stress Free Tax Season
When your books are up to date, you can glide into tax season and the new year with an easy mind. Having all your business transactions recorded up to December 31 means you've got everything you need.
Loan Prepared
Before the bank is willing to extend your line of credit, they want proof that your business is making money. You'll need to present up-to-date financial statements including the income statement, balance sheet, and cash flow statement.
Emergency Ready
When you're facing a sudden spike in expenses—or a decline in revenue—you need to be able to make up the difference. Current books tell you how much you've saved.
7 Steps to Catch-Up
Quick Discovery Call
No Judgment
We'll start with a free call to understand your current situation, how far behind you are and what systems you're using (or not using).
Secure Documents
Secure Portal
You'll get a secure link to upload your bank statements, receipts, any financial docs needed. The process is automated and guides you every step of the way.
System Setup
We Need Access
If you're using QuickBooks, Great! So do we. If not, we will need to get you set up on QuickBooks to proceed. Don't worry, it's easy and we do 99% of the work.
Full Financial Reconstruction
Honesty is Important
We roll up our sleeves and bring your books up to date – month by month. We categorize all transactions, reconcile accounts and organize everything to IRS and CPA standards.
Clear, Accurate Reports
Clean, Modern Statements
Once caught up, we deliver a video with clean financial statements so you can finally see where your business stands.
Tax-Ready & Audit-Proof
Tax Season Ready
We make sure your books are ready for tax season or any financial review. We'll collaborate directly with your tax preparer or CPA.
Ongoing Support
If You Want It
We offer ongoing monthly bookkeeping, tax strategy, and CFO level advisory services to help you stay current and profitable.
Let's keep the slate clean so you can focus on growth, not guesswork.