What is catch-up bookkeeping?
Catch-up bookkeeping is a service required to categorize and reconcile books for previous months before 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 enables accurate monthly reports, quarterly tax estimates, and annual tax filings.
- 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 your annual tax filing, 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.
How long does catch-up bookkeeping take to complete?
Once you've connected your bank account and uploaded bank statements, Heard's bookkeeping team will begin working on your catch-up books. Catch-up bookkeeping typically takes 4 weeks on average to complete, though the exact timeline depends on how many months of books need to be reconciled and how quickly requested documents and information are provided. Your Catch-Up Bookkeeper may reach out with questions and clarifications in Messages as needed.
Once books are completed, your monthly financial reports, with details of your business's performance and specific insights into your practice, will become available.