A knowledgeable and experienced bookkeeper will create accurate and reliable financial statements to help you make sound financial decisions.
However bookkeeping is not just about entering transactions and running statements, a good bookkeeper will leverage on automated systems and keep up to date with the latest standards to ensure that your financial statements are representative of the health of your business.
That being said, here are the most important areas that a strong bookkeeper will have mastered:
1. Financial transactions
Whether you are following the accrual method or a simple cash method of accounting (we always recommend accrual), the bookkeeper will ensure that all expenses, revenues and consequently the balance sheet accounts, are recorded at their correct value, in the correct period and are presented accurately. Traditionally, entering transactions has been a manual task but with Revelo's automated and integrated methods, recording transactions accurately is the easiest part of daily financial record-keeping. Keep in mind however that automation relies on patterns of repetition, therefore if there are unprecedented changes, such as changes in payroll benefits, our experienced bookkeepers will pick up and adjust these changes on the spot.
2. Account reconciliations
Account reconciliations are an important internal control that ensures all transactions are captured, validates the completeness of the accounts, and aids in identifying errors. Whether it is a reconciliation of your cash account, your AP subledger to the General Ledger, or the credit cards, account reconciliations are an indispensable components of your daily operations. Depending on the size of your business, reconciliations can be performed monthly, weekly or even daily!
3. Revenue recognition
Revenue recognition is one of the key areas of your business and it's no wonder that Canadian Auditing Standards require all auditors to consider revenue a significant risk in most of their audits. Many companies also use revenue figures to raise capital for their next round and CFO's create dashboards based on these numbers. Therefore a bookkeeper that has an expert understanding of revenue recognition criteria is a key part of your financial team. Our bookkeepers have an average of 8 years working with various revenues types so that you can rely with confidence on your revenue figures.
4. Bill payments and working capital analysis
A bookkeeper will not only enter transactions and recognize their proper place in the financial statements, but also manage and maintain the working capital flow of your business. By paying vendors at their due dates and collecting payments as quickly as possible, a bookkeeper will allow you to visualize your burn rate and your cash runway so that you can make the best financial decisions. Revelo's bookkeepers have extensive experience in various apps and Excel manipulation methods so that you are provided with up to day working capital analysis on demand.
5. Financial statement preparation
A strong bookkeeper will ensure that the financial statements conform to the requirements of third parties such as investors, banks, auditors and C-Level management. A knowledgeable bookkeeper will ensure that your financial information is presented in such a way that it conforms to GAAP standards but is also managed to present performance data internally to your C-Suite level and managers. Our bookkeepers at Revelo Consulting have backgrounds in various industries with extensive knowledge on GAAP statements, internal financial reporting, and dashboard preparation.
WHAT MAKES REVELO CONSULTING DIFFERENT?
Our bookkeepers and financial professionals have extensive experience in serving clients from all walks of life and at different stages of the startup process. We offer a wealth of knowledge, efficiency processes, and accurate financial reporting at competitive market prices. Each industry is different and requires specialized professionals with the appropriate background. Reach out to one of our CPA's today for a free consultation to learn more!