What is catch-up bookkeeping?
Catch-up bookkeeping is a service required in order to categorize and reconcile books for previous months prior to joining Heard. By regularly categorizing your transactions and reconciling them with your bank statements, we can identify and resolve discrepancies, maintain up-to-date records, and provide a clear picture of your practice's financial health.
Why is catch-up bookkeeping important?
This is a required, one-time process when you sign up for Heard, as it ensures a smooth transition from your previous accountant and allows for accurate monthly reports, quarterly tax estimates, and annual tax filing.
- Accurate Quarterly Tax Estimates (QTEs): With up-to-date bookkeeping, you will receive personalized QTEs, helping you avoid costly mistakes and penalties.
- Insightful Financial Reports: Gain a clear understanding of your practice's financial health with comprehensive reports based on your historical data.
- Improved Allocation Guides: Our catch-up bookkeeping enables us to create more accurate allocation guides, ensuring you get accurate guidance on how much to pay yourself and save.
- Streamlined Annual Taxes: By maintaining organized financial records, we simplify the process of filing your annual taxes, saving you time and stress.
- Seamless Integration: Experience a smooth transition to Heard's platform as our expert team integrates your historical data, ensuring continuity and consistency.
What do I need to do for catch-up bookkeeping?
Once you’ve connected your bank account to Heard, the bookkeeping team will request bank statements in order to reconcile your monthly books. As a reminder, only business accounts should be connected to your Heard account.
To upload bank statements, go to Your Practice>Documents>Bank Statements and click the Upload Documents button on the top right.
You can save a lot of time and automate this step by enabling our “Automatic Statement Upload” feature or granting Heard limited bank access to your bank account statements. To learn if your financial institution offers these features, please see Bank Statements at Heard.
How long does catch-up bookkeeping take to complete?
Once you’ve connected your bank account and uploaded bank statements for each financial account, Heard’s bookkeeping team will begin working on your monthly books. Typically, we’ll complete your bookkeeping for that month within approximately 14 business days. This gives your Bookkeeper enough time to make any necessary adjustments before the end of the month. Your Catch-Up Bookkeeper may reach out with questions and clarifications in Messages as needed.
Please allow for additional time as your bookkeeper reconciles multiple months of catch-up bookkeeping.
Once books are completed, your monthly financial reports, with details of your business' performance and specific insights into your practice, will become available.