For most of our clients, Apricus provides 'month-end' bookkeeping services. One of the questions I get often from prospective clients and new business owners is "What exactly is month-end bookkeeping?"
Here's what you need to know:
Month-end bookkeeping includes all the activities related to getting your accounting records up-to-date and accurate after the end of an accounting period, a month, a quarter, or a year, for example. The process consists of: adding, categorizing, reviewing, and reconciling the accounting data. We commonly refer to this process as a 'month-end close' or 'month-end closing.'
How does it work?
For month-end bookkeeping, the Apricus team generally performs bookkeeping activities during the first two weeks of the month. Once the bookkeeper’s work is complete for the prior month, the close is reviewed and financial reports are issued, generally during the third week of the month. While the Apricus team has a specific process and timeline for each client, here's a summary to help you better understand what to expect when working with us:
First two weeks of the month
- Bookkeeping activities are performed for the prior month.
Third week of the month
- The month-end close is reviewed and financial reports are issued.
Here's an example: For September’s close we generally do the work during the first two weeks of October. During that time we add and categorize all September transactions. And for efficiency, we may also add October transactions that are already downloaded to QuickBooks Online (QBO) from the bank accounts. During the third week of October, the month-end close for September is reviewed and financial reports are issued.
As I said before, for the majority of our clients, we provide month-end bookkeeping services. This is an important distinction, because unless your service agreement specifically states that we are providing quarterly or weekly bookkeeping, then after financial reports are issued, the Apricus team may not log back into your company’s QBO account again until after the next accounting period ends.
Here's an example: For September’s month-end close, which is wrapped up during the third week of October, the Apricus team may not log back into QBO again until early November.
Does my company need weekly bookkeeping services?
It depends! For businesses with a high volume of transactions, or companies wanting to better manage cash flow, weekly bookkeeping may provide more up-to-date data when you need it.
Weekly bookkeeping is a higher service level than month-end bookkeeping, because the Apricus team will log into the QBO account to add and categorize transactions more often, generally once a week, instead of once a month. If you’re interested in a quote for weekly bookkeeping so that your books are up to date during the month, let us know!