Why You Should Meet With Your Bookkeeper Regularly

Why You Should Meet With Your Bookkeeper Regularly

If you're running a business, it's a good idea to meet with your bookkeeper on a regular basis. Keeping everyone on the same page helps you make smart choices.

Keep Your Bookkeeper in the Loop

Tax day has come and gone and we’re all relaxing a bit. Of course, another tax day will come, so before we get too comfortable, maybe we should take some time to plan for it. After all, planning ahead can save time. If you have a bookkeeper, Dragon Financial, a bookkeeping company in Portland, Oregon, recommends that you have regular meetings to keep them in the loop.

Why Regular Meetings Help You

Your bookkeeper will have all of your financial information on hand. They will know how much money you have to spare and a good idea of how much you normally spend. This kind of information is essential to planning. Not only that, but these regular meetings let you update your bookkeeper of anything that’s happened. If sudden expenses took you by surprise, meeting with your bookkeeper to discuss it with your bookkeeper will help you put it in context with your other expenses. You’ll have better insight into what you should be doing.

Prepare Your Taxes Early

preparing taxes

Prepare your taxes early and you'll never run out of time.

One of the biggest hassles of taxes is the time it takes to prepare them. Regular meetings with your bookkeeper can help ease the stress by allowing you to prepare ahead of time. You can do your taxes one quarter at a time so you know how much you owe. Set aside that amount in a business account so that you know you’ve got it ready to pay when the time comes. As each quarter comes, you can adjust that amount according to the most recent changes in your finances. When it comes time to make the final calculations on your taxes, most of the work will already be done and you’ll have that money already set aside.

How Often Should I Meet With My Bookkeeper?

Meetings should be regular, but how regular? It depends on your business, but the two best options are monthly, or quarterly.

Monthly Meetings

Monthly meetings are a good plan for business that need to react quickly. If you’re in a business where the market changes quickly and you need to respond to it, monthly meetings will keep you constantly in touch with your financial situation. Your bookkeeper will stay up to date and they can give you everything you need to know to make the right decisions.

Quarterly Meetings

If you run a business where things don’t change very often and you’ve got plenty of time to react and prepare, monthly meetings will tend to waste time. You won’t have much to say and everyone will resent the time spent in the meetings when they could be doing something useful. In these cases, quarterly meetings are the better option. The meetings might end up being longer, but you’ll cover more details, so it won’t feel like time is being wasted so much. They’ll also be easier to plan, because there will be plenty of time for everyone to clear their schedules for it.

Don’t Be Afraid To Schedule Additional Meetings

Sometimes, something big happens. We’ve all experienced the pandemic, but while that is (hopefully) a once in a lifetime thing, big changes happen all the time. As new generations take over, the market shifts. Events around the globe can impact prices even at the local level. Sometimes an opportunity for expansion presents itself out of nowhere. Any time something like this happens that you have to react to, you should arrange for a special meeting with your bookkeeper. That way, you keep them in the loop and can discuss the way these changes might impact your company going forward.

The Value of Virtual Meetings

Virtual meetings

Virtual meetings put more control in your hands.

If there’s one thing that we’ve learned during the pandemic, it’s that virtual meetings are a useful tool. Remote meetings allow you to cut down on travel time, making meetings easier to slide into everybody’s schedule. Unless you run a company where everybody who needs to be there is already going to be at the building, online meetings are far more efficient. If you have a lot of remote workers, or you outsource your bookkeeping to third party companies, consider doing virtual meetings to make them easier for everyone.

Stay On The Same Page with Your Bookkeeper

You shouldn’t neglect meeting with your bookkeeper. They have access to all of your financial information and you need that to make smart business decisions. Regular meetings with your bookkeeper will give you better insight into the actions you should take. They help you plan out your taxes so it’s less stressful when tax season rolls around. If you want to achieve the best success with your business, then you should set a regular schedule for these meetings that best fits the needs of your business model. That way, you’ll know you always have the best information to make the right calls.