Kootenay Bookkeeping

Helping clients to understand their books

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Helping clients to understand their books

On July 19, 2018, Posted by , In References, With Comments Off on Helping clients to understand their books

Part of my aim is to help people to understand their financial statements and to make the bookkeeping work for the client.  We don’t all comprehend information in the same way and I find that understanding what information is important to my clients is key to a successful client/bookkeeper relationship.

I recently took over a sole-proprietor’s set of books and after consultation with her I re-organized her chart of accounts (that’s the list of incomes and expenses) in such a way that she could clearly see what her regular monthly expenses were, and what were extra-ordinary, ad-hoc, expenses such as travel for conferences and training were.  This has meant that she can more easily budget for the extra-ordinary expenses.

Also, every month, I now send her an income statement (revenue/expenses = net (taxable) income), so that she can save for her annual taxes.  I also send her details of GST collected/paid so that she can save for her annual GST bill.  Here’s her response:

 “That makes perfect sense. Thank you so much, I’m so happy and grateful with your work Sarah!!”

A pat on the back for me!

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