Catch Up Bookkeeping: A Guide For Prior-Period Clean Up Bookkeeping

At Noon, we understand that keeping up with your bookkeeping is a daunting task that small businesses often fall behind on.

After all, unless you’re lucky to have someone with bookkeeping experience on your team, it’s going to be a time-consuming task for you to handle your cash flow.

Sooner or later, you’ll have fallen behind with your financial statements and keeping your books up to date will seem like an insurmountable task.

So if you’re behind on your books, why not get in touch with our experts at Noon?

We offer a free consultation for all businesses that are looking to improve their bookkeeping processes and get back on track with their finances.

We’ll get you connected with a certified, expert bookkeeper from our team that will help you get tax ready and give you the peace of mind you need to focus on business growth.

What is Catch Up Bookkeeping?

Catch up bookkeeping is a financial service that is specifically designed for companies that need to get their books in order as quickly as possible.

This can be in preparation for a new tax season or it could be to organize your finances so you know exactly how your business is performing.

Many businesses rely on existing employees to perform bookkeeping tasks, they can end up falling behind on their statements and lose track of their transactions.

Instead of relying on an employee that already has a role in the workplace, it can help to hire a dedicated professional bookkeeper to review your finances and help you stay up-to-date.

The Benefits of Catch Up Bookkeeping

With catch up bookkeeping, you can expect to see benefits such as:

  • Transparent look at your business finances to see how well you’re doing.
  • Organized financials with digital records that are easy to search.
  • Continued support for bookkeeping so that you spend less time on it.
  • Up-to-date records help you forecast your finances and avoid tax violations and fines.
  • Cope with financial shortcomings.

What Does Catch Up Bookkeeping Involve?

The end goal is to get your books up to date. Since every business has different needs when it comes to their bookkeeping, this will be a bespoke service that is tailored to your exact needs.

Here are a couple of examples of how Noon can help you keep your books up to date:

  • Ensuring that all of your business transactions have been recorded and reflect accurate numbers that you are seeing today.
  • Preparing accurate financial statements (such as the balance sheet) that represent your current position.
  • Reviewing customer invoices and ensuring that they have all been collected and accounted for in that particular tax year.
  • Identifying bad debt expenses that can be deducted from your tax return.
  • Reconciling your accounts for consistency and accuracy.
  • Separating expenses to ensure you keep personal and private affairs separate.

This is just an example of what catch up bookkeeping can involve.

Every business will find itself with different needs when they’ve fallen behind, hence why we offer a free consultation to help you identify your bookkeeping challenges and how we can help ease them.

How Much Do Catch Up Bookkeeping Services Cost?

Catch up bookkeeping with Noon will depend on the number of accounts and back months that you need to clean up and organize.

We suggest speaking to one of our bookkeeping specialists to get a more accurate quote that represents your current financial situation and your needs.

How Do You Catch Up On Years of Bookkeeping as a Small Business?

There are a number of steps that are typically taken when attempting to catch up on years of bookkeeping.

Collecting Receipts

Receipts refer to anything that acts as proof of purchase.

These are often the only documents that will show that a transaction has been made.

There are a number of different receipts that you should collect, such as invoices, transaction records, and also business expenses.

Once all of these have been collected, it’ll give you a more accurate idea of how much your business has been both making and spending.

Separating Expenses

It’s not uncommon for both small businesses and large corporations to often overlook the difference between personal and business expenses.

This may lead to you being held personally liable for business debts and actions.

If you fail to separate your personal and business expenses, then you may lose the liability protection that an LLC or corporation offers.

By separating your expenses and keeping these records visible, it’ll help you establish a clearer picture of your financial situation.

Identifying Banking Errors

Reconciling your bank accounts is important for identifying errors in your company or bank records.

By comparing bank transactions with those from company records, you can determine if there have been any mistakes or issues that need to be fixed.

This will help correct any errors and will give you a much clearer picture of your company records.

Removing Paper Records

It may also help to switch away from paper records entirely.

This can drastically reduce the amount of time and effort it takes to find and remedy accounting errors, but it can also be used to speed up bookkeeping processes.

Even if you decide to hire catch up bookkeeping services, having digital records will vastly improve the accuracy of your financial accounts and reduce the potential for errors.

The amount of time it takes to get caught up with your bookkeeping will depend on how inaccurate your current financial records are and how far behind you are.

For a small business owner, it can be a lengthy task especially if they don’t have access to all of their financial records or experience to work with.

If you want a more accurate time frame and quote, don’t hesitate to get in touch with Noon today for a free consultation. 

How Do You Do Bookkeeping Clean Up?

The above steps are essential for catching up with your bookkeeping, but we understand that it can be a daunting task for a business owner that isn’t familiar with the role.

So instead of trying to stand in for a financial expert, why not just hire one?

Noon offers a plethora of bookkeeping services to help businesses of all sizes deal with their financial responsibilities.

Whether it’s collecting receipts or cleaning up old financial records, Noon offers assistance from certified financial experts that can help you get back on track with ease.

So whether you’re a small business that needs to consolidate credit card spending or a large corporation that is falling behind on their accounts payable, give Noon a call today to see if we can help your company get organized and stay organized.

How Noon Can Help Your Business Thrive

Noon Bookkeeping is an outsourced bookkeeping and accounting solution for business owners consisting of a team of CPA's and certified, expert bookkeepers ready to help you organize the finances of your business.

Noon can handle all of your bookkeeping in one place so that you can focus on running and growing your unique business knowing that we’ve got your finances handled.

Learn more about how Noon can help you take control of your finances.

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