Hi and welcome to another episode, always up to date. Uh, I, uh, again, my name is Joey. I’m one of the owners of always Edmonton Bookkeeping. And this is my colleague Denise. Uh, she’s a co owner as well. Um, and we’re here to give you some tips for easy bookkeeping. So, um, our quote for today is from Michael Gerber. He’s the author of E myth and he says, the entreppreneurial model has less to do with what’s done in a business and want to do with how it’s done. The commodity isn’t what’s important. The way it’s delivered is. So our statistics is 50% of business fail in one year, 30% fail by year two and 50% failed by year five. Um, why don’t you give us some stories about, um, your experience. That’s really, they too are quote intersects. Um, so, um, you know, business owners, especially small business owners are handling everything themselves.
They have to deal with everything. Sometimes they can’t afford to have other staff members to help them out. Um, you know, so they’re doing everything including the bookkeeping. Um, and so then at the end of the day, there is no time left over for themselves or for their family. Um, you know, and so we just wanted to try to get some tips for easy Edmonton Bookkeeping. Um, you know, of course the easiest bookkeeping is to give it to somebody else to do. But these are some good tips if you do hire a bookkeeper, um, how you can make it so much easier for yourself and for your bookkeeper.
Absolutely. So first thing you want to ask yourself is that can be organized, make your bookkeeping easier. Yeah, absolutely. If you’ve seen our other videos, we’ve talked a lot about this of, you know, having your, your receipts and your, um, your statements organized so that you can just hand them to your bookkeeper and they can do what they need to do.
They don’t have to sort through them before they actually, um, do the Edmonton Bookkeeping. Yeah, absolutely. Um, what do you need to provide to your bookkeeper? Yeah. So there’s not a lot of things that you need to provide to the bookkeeper, um, statements from your bank statements, from your credit card. Um, if you have a, say a QuickBooks file that you’ve already started working on, you might want to provide them with that so they can just continue on with it rather than starting a new one.
Um, sometimes on your statements you might need to give a little description of what something is. Um, you know, sometimes we see on a statement, um, you know, AMW we know that that’s a restaurant, it’s meals and entertainment, but then there might be something else that says Frank’s. Yeah. Oh, it could be anything. We don’t know what Frank’s is, so you might want to jot some notes down so that we know exactly where we need to post that at that transaction too. I was all like, there’s a lot of hours on, yeah, that’s right. Yeah. That’s probably a better example. [inaudible]
so, um, why is it a good idea to have time set aside to talk to your bookkeeper? Yeah, we think it’s really important to talk to your bookkeeper. Um, you know, there’s, there’s something about sending an email, just getting the reports and looking at them, but to really be able to talk to your bookkeeper and find out, you know, why did you do it this way? What does this report mean? You know, did I have enough information? Do you need anything else from me? I’m like, to actually get on the phone and talk to them is so important.
And especially for, um, small business owners, um, who doesn’t necessarily have employees yet. Everything themselves at the end of the day, we only have the same hours in a week. Right. That’s great. And um, if you can eliminate all of the texts and all the emails and all the phone calls into one set date for half an hour, why wouldn’t you? That’s right. Right. And chances are, after all of those emails and texts, you’re going to have to pick up the phone and call anyway from the beginning with Edmonton Bookkeeping.
Um, do you need to schedule your Edmonton Bookkeeping? Yeah, we think that scheduling is so important to small businesses. Um, it is imperative to be able to have your calendar and schedule that meeting. And, um, if you don’t schedule that meeting in, it’s not gonna happen. It might happen the first, the second time, but eventually something else is gonna creep in there and take that spot and then you’re not going to get a chance to talk to your, your bookkeeper.
You know, I’m going to get a time, get time to do that while keeping that needs to get done and it’s gonna get put off and put off and then it’s just going to be harder. You’re going to be disorganized. Yeah. Yeah. Um, how often should you do your bookkeeping? Um, so here at always book keeping, we strongly believe that every two weeks, so biweekly we should do the bookkeeping again, like we talked about on another video.
Um, if you have employees and you pay them by weekly, you kind of need to know where you’re at, where, what your company is doing. Cause you don’t want to not have money to pay your employees. Um, you know, one week is kind of, it’s just not enough time to get all those transactions happening. Um, a month, maybe a little too long. Again, you’re probably paying your employees in between there and you really want to know where you’re at with your, um, your bank account with your expenses.
And like at the end of the month, that’s when you want to strategize on how to do your business instead of doing a catch up from the previous month of happening. Exactly. Um, how many bank accounts you have? Yeah, so we’ve seen lots of clients that have bank accounts for everything. They have bank accounts for their business, their bank account for their taxes with Edmonton Bookkeeping.