Ryan VaughnCOO of Incite Tax & Accounting. Ask me anything about your taxes.

An Overview of Catching Up On Bookkeeping #irssucks

22 Nov 2023 · 1 min

Watch on YouTube

0:58

In this short instructional video, the speaker explains how to quickly bring bookkeeping up to date. The core recommendation is to use proper accounting software that can connect directly to bank and credit‑card accounts, allowing bulk download of transactions. After downloading, the transactions must be correctly categorized; this can be done efficiently by dedicating focused time or by hiring an accountant who can set up automatic feeds and handle the heavy lifting. The speaker also offers a free bookkeeping checklist that outlines weekly, monthly, quarterly, and annual bookkeeping tasks, and encourages viewers to subscribe for more tips.

Chapters

How can I quickly update my books? I wish I had a magic button you could click, but at the end of the day, the work needs to be done. Now, proper accounting software will allow you to connect your bank statements and credit card statements to your bookkeeping and allow you to download a bunch of transactions all at once. Once you download those transactions, you will need to categorize them the right way. So to get them done quickly, you either need to do them quickly. If you're not going to be quick at it, but you still want to do it yourself, then you're going to want to schedule a bunch of time to get that done, or you can hire an accountant to do it for you. They do the heavy lifting, they'll set up your books to get the accounts automatically downloading and those types of things. If you are going to attempt this, please download our bookkeeping checklist. It's free. It will go over what are the different activities you should be doing in your books on a weekly, monthly, quarterly, annual basis. If you found value in this, please remember to subscribe so you don't miss any of our other tips.