Obtaining Accounting Data Efficiently

Whether a business reconciles their books monthly, quarterly, or even annually, financial statements are at the heart of having accurate numbers. Financial statements go beyond just the obvious bank statement; they include loan documentation, credit card statements, check stubs, and more that can play a part in having balanced books.  

It’s imperative to be consistent on what is gathered each period for a client. Ensuring that you get the same documents (and filing them in the same order) allows your accounting team to easily catch changes and know what they are looking for and if anything is missing. Any platform used to contain the list should allow for checking off items, marking items as not gathered, notes, and easy adjustments to the list as accounts are created or no longer in use.  

Once a list is created, it’s time to get the information. This means discussing with the client how they would like you to access the information. Some common options: providing sub-user/main user account access to the banks, providing a bank contact to connect with, or compiling and supplying themselves by mailing, scanning, or uploading to a secure portal. Each client is different and it’s best to make notes in your list of their preferences and any relevant information that you’ll need to reference regularly.  

Once the documentation is compiled, it should be uploaded to a secure portal for the accounting team to access. This collaborative file on the portal allows the team to quickly edit the file with notes, add to workpapers, and gives you the opportunity to add any additional documentation if requested.  

The statements used for bookkeeping services should be ready for the accountants as quickly as possible each period. Each client needs their reports at different times, so being aware of that timeline, and the review and approval process within your firm determines your deadlines. A clear system allows for efficient data collection and consistent results providing a quality experience for the client and the accounting team. 

This article was written by Starla Whitaker. Starla is a Project and Liaison Specialist with Baldwin CPAs. For more information on the support Baldwin CPAs can provide you, contact starla.whitaker@baldwincpas.com.