Catch-Up Services Help Put Your Finances in Order

Accurate, up-to-date accounting and bookkeeping records help you accomplish your business objectives. Sure, acquiring new customers and increasing sales is every business owner’s main focus. But, what good are those increased profits if you don’t have accurate records to show where the money came from and where it went?

The truth is, you can’t use your data until you get organized.

You need to know your numbers to know your financial position and to make sound business decisions. Do you have enough cash on hand to pay your bills? Are you making a profit? How much did you spend on advertising last month? Answering these types of questions is difficult, if not impossible, without accurate financial records.

Besides, if your books are a mess, you may be missing out on important tax opportunities & planning as we near the end of the year. You also won’t be able to take advantage of opportunities to grow your business because you won’t know if you can afford it.

Even if the books are only a few months or weeks behind, it’s important to catch up as soon as possible. The longer you wait, the harder it becomes. And, if you wait too long, you may not be able to catch up at all.

What is Catch Up Accounting?

Catch-up (or clean-up) accounting is the process of reviewing poor historical bookkeeping, accounting, and financial records and correcting them. This might involve updating your QuickBooks data, preparing journal entries, or cleaning up your general ledger.

Catch-up accounting services involve updating your finance and accounting books so they are ready for year-end taxes,  financial statements, and business planning. You might need to do some catch-up accounting if you’ve been using a shoebox method of bookkeeping, haven’t been keeping up with your accounting, or have lost records.

If you are like many small business owners, chances are that you often find yourself juggling many different tasks, putting out fires, and dealing with emergencies. This can make it difficult to keep up with your bookkeeping, leading to a mess of financial records. And, if you’re not careful, this can quickly spiral out of control.

Not having accurate books can mean a lack of access to loans, lines of credit, and other forms of funding. This can hinder your ability to grow your business.

If you’re in this situation, don’t panic. It’s not too late to get your books in order. With a little help from a professional accountant or bookkeeper, you can get your finances up to date and get back on track.

Why is it Important to Do Catch Up Accounting?

Has it been a while since you opened your accounting software or spoke to your accounting solution? If you’re like most business owners, the answer is probably yes.

Harmonizing your financials can be an intimidating process, but it’s important to catch everything up as we’re nearing the end of the year. 

Here are a few reasons why:

You need to have an accurate picture of your business’s finances.

Sales and purchase reports, financial statements, and other data should be updated & reviewed on a regular basis. Doing so ensures records are accurate and up-to-date, so you can gain visibility into your business’s overall financial health.

You need to be prepared for tax season.

If you’re behind on your accounting, you may be scrambling to get everything in order come tax time. This can lead to mistakes and missed opportunities for deductions and tax savings as well as the risk of needing to re-do incorrect prior year returns.

Create better relationships with banks, investors, and suppliers

If you’re looking for a loan or line of credit, your bank will want to see updated financial statements. The same goes for suppliers who may extend terms to you based on your business’s creditworthiness. And, if you’re looking to attract new investors, they’ll want to see that you’re on top of your finances.

You can forecast revenue, trends, and expenses more accurately.

Forecasting plays a huge role in business competitiveness, strategic investment, and long-term viability. If you’re not using current data, your forecasts will be inaccurate. This could lead to missed opportunities or even financial disaster.

You can manage expenses and stick to a budget

Every time you incur a business expense, it should be recorded in your accounting software. This will allow you to track spending, identify areas where you can cut costs, and make more informed decisions about where to allocate your resources.

Up-to-date financials can also help you create and stick to a budget. If you know how much revenue you’re bringing in and where your money is going, you can deploy your resources more efficiently and avoid overspending.

You’ll have peace of mind.

When your financials are up-to-date, you’ll have a clear understanding of your business’s financial situation. This can give you peace of mind and help you make better, strategic decisions about the future of your business.

What To Do If You’re Behind On Your Accounting

If you’re behind on your accounting, don’t panic. There are a few things you can do to catch up:

1. Get organized

The first step to catching up on your accounting is to get organized. Gather all of your financial documents, such as invoices, receipts, bank statements, and credit card statements. Once you have everything in one place, you can begin entering the information into your accounting software.

If you’re missing some documents, reach out to your suppliers and ask for copies. You may be able to download bank statements and credit card statements online.

2. Use accounting software

Accounting software can help you catch up on your accounting quickly and easily. Look for software that offers features like automatic bank reconciliation, invoicing, and expense tracking. This will save you time and help you avoid mistakes. Netsuite, QuickBooks Online, and Xero, are all great options.

3. Hire a professional

If you’re feeling overwhelmed, or don’t have the time or resources to get your accounting up to date, you can hire a professional accountant or bookkeeper to do it for you. This is often the best solution, as they will have the knowledge and experience to get your finances in order quickly and efficiently. A professional can also create efficiencies to make your accounting processes more efficient & automated going forward.

Get Your Books In Order With Our Catch-Up Services

Accounting can be confusing and time-consuming, but it doesn’t have to be. At Celerity, we provide high-quality catch-up services to help you get your books in order.

Our customized catch-up services are designed to get your books up-to-date and ready for your taxes or bank quickly, efficiently, and seamlessly. Whether you’re dealing with years or months of messy books, we bring you up to speed quickly so you can focus on running your business.

At the end of our services, we’ll send an annual financial package for each of the year’s reconciled and connect you with a qualified US-based catch-up professional for ongoing support.

Contact us today to learn more about our catch-up services and how we can help you get your business back on track.