What is bookkeeping and why does it matter?
Bookkeeping is the recording of financial transactions and is considered a big part of business practice to help with accounting records and financial organization of your business.
When you first started your business, you most likely did everything yourself including your own form of bookkeeping. Before long, as your business grew you found yourself so overwhelmed with all the different hats you wear as business owner, financial guru, and the list goes on.
That’s where Lily Rose Numbers steps in. Our firm focuses on helping businesses and influencers manage their books so that they can focus on the growth and success of their business. By allowing our customers time to re-focus their energy and time on activities that help them make money, our customers get peace of mind to grow in ways they may have never imagined possible.
Why Our Service is Different than Other Bookkeeping Providers?
When we speak with a potential client for the first time, we ask them to tell us about their business including type of business, what type of corporation they have as well as whether they have set up business bank accounts and credit card(s).
We ask them:
- How they keep track of their books currently or if they need help setting up their books
- If their are any personal transactions through their business (which is a BIG no-no!)
- If they pay for anything business-related personally that needs to be recorded in their books
- Their pain points and give them an overview of what we can do for them
- We finally ask the client if the business owns any assets that need to be recorded.
Depending upon the client’s need, we can complete a paid cleanup estimate, or a quote for QuickBooks setup. Once we agree to the terms, our team will request Accountant access to the business bank and credit card accounts. We have a Client Questionnaire that is required so that we can get the account setup properly using QuickBooks Online efficiently and correctly. If there are transactions that are questionable, we send the client a list at the end of the month or quarter. Upon client instructions these transactions get recorded and then the General Ledger is sent to the client for approval. We work with hand in hand with the client to make sure their books are allocated correctly and they approve of how the transactions have been recorded based on IRS guidelines. Once the General Ledger is approved, the client will receive their financials and performance reports based on historical as well as industry standards.
Many Accountants and Bookkeepers will assume that they know how to record the transactions, but we go the extra step by making sure you agree with how the transactions are recorded (as long as the IRS allows the deductions). If your business gets audited, you want to know and approve how the transactions were recorded.
Our clients get the care and attention they deserve. We go the extra mile and help them with their pain points.
Ready to Book?
Ready to see first-hand how Cathy and the team can make a difference for you and your business? Use this form to reserve a time to chat!