Jacksonville CPA | More Than Adequate
Hi, my name is brandon and I’m the president of Mineva and I’m here today to talk about the five things you need to make sure you’re accounting is in order. First of all, you want to make sure that you have a sufficient document management system in place. When you’re doing your Jacksonville CPA accounting, you want to make sure that your document management system is cloud based and not subject to fire or other physical theft. You’ll want to have the availability to scan documents and just store them in this cloud based document management system. Most Jacksonville CPA firms do not assist you with this type of setup at Mineva. We will make sure that we, that your document management system is setup correctly and efficiently for your use. Next, all you want to make sure that you have the right accounting system in place to capture all of your transactions. You need to take your transactions. First. You need to open up a corporate bank account and a corporate credit card. Preferably if you’re running large purchases, you could get a cash back or an a travel reward credit card based on your preferences. Meaning my clients see
very great dividends when using this method, so then you want to use your bank account and credit card only for business purchases. Many people will try to mix business and personal purchases in their corporate accounts. This is something that you do not want to do next, you, you must have a cloud based accounting system set up to capture these transactions as they cleared the bank. I would recommend that you pay all of your bill payments online and have electronic debits of transactions as much as possible as the practice of handwriting checks is very antiquated and time consuming. You must set up your business payments on a regular schedule and so that you get into a manageable rhythm and are pulling out the checkbook randomly as this as a huge waste of time. Once you have your document management system and your accounting system in place, you need to make sure that you have a chart of accounts set up correctly. Many Jacksonville CPA firms do not give this type of consultations. However, Edmond Neva, we can help you set up the correct chart of accounts for your business. Basically, the chart of accounts is something. The chart of accounts is a system that allows you to properly categories, categorize your accounting transactions as your accounting transactions flow through from the bank.
You need to put them into the appropriate account based on the expense or income category. For instance, if you need to repair your vehicle or a company building and you purchase something from a building supplier, you would classify this as the repairs and maintenance account. Putting your Jacksonville accounting into an appropriate system allows you to then run reports as all the transactions are put in the right accounts. This law allows you to run reports on a regular basis. This allows you to run reports so that you can properly see what is happening in your business. Number four, now that you have your document management system, your accounting software, and your chart of account setup, you need to make sure you have a qualified professional, whether internally or externally, to manage the flow of data from your business to the bank, to your accounting system, to the chart of accounts, to the report that helps you run your business properly. Within the Jacksonville CPA firm market, there are only a few firms that can help you do this effectively. Mineva will help you set up and properly get the reports you need for your business to run effectively.
Lastly, you need to set up a weekly rhythm to view these numbers. You need to look at your weekly income and your weekly expense to make sure that you are profitable at Mineva. We can help you get into this rhythm and set up all the appropriate items needed.
Don’t feel intimidated or worried about not being able to tackle this, although it sounds like it has a lot of information. All you need to do is to to hire qualified professional to help you set up these items. A Jacksonville CPA firm that is operating with your best interests will walk you step by step through these items and make sure you were on the path to financial success and freedom at Mineva. We pride ourselves in helping our clients get the information they need to effectively run their businesses. Again, let me quickly summarize these steps. First, you need to have a document management system in place. As I said in the Jacksonville CPA for market, they’re Mineva is one of the few that can assist you with this item and the following items for that matter. Your document system needs to be tied to your accounting system and also be cloud based. Cloud based being. All of the information is hosted on a remote server that is very secure and backed up to a data center, a data center with military grade security. Picking out the appropriate accounting system is a must. You need to make sure that it is cloud based and robust enough for your business. Most businesses
that with a revenue of $5, million dollars or less, quickbooks or zero would be a more than adequate accounting system. Next, make sure that your chart of accounts is properly set up at this step is skipped. You will not get the information you need to properly run your business. Step number four, hire a qualified professional to manage the data flow from your bank into your chart of accounts as if you try to do this on your own and do not know what you’re doing, you will really mess us up. Lastly, you need to make sure that you set up a weekly rhythm to view the data in your business. If you follow these five steps are persistent and consistent, you will have the financial information needed to run your business properly.