4 Bookkeeping Challenges Checkeeper Can Help With

Good financial management is important for businesses of all types and sizes, but it takes time, organization, and continuous oversight. Sloppy bookkeeping has many negative consequences, including late payments, interest and late fees, burdensome debt, and problems with cash flow down the line. Checkeeper makes it easy to print and mail check payments on demand to vendors, landlords, utility services, suppliers, employees, freelancers, and even customers, when needed.

Small business owners cite bookkeeping, tax prep, payment issuing, and general financial management as the biggest sources of drain on their time and energy. There are many obstacles to good financial bookkeeping, and Cheeckeeper can help with all of them.

Consider some reasons that financial management falls into neglect, and how Checkeeper can help avoid them.

1.    Good bookkeeping requires organization

Many entrepreneurs and solopreneurs will admit that organization is not their strongest skill. Many people start their own business because of a passion, hobby, special skill set, or desire to be their own boss, and they don’t necessarily have the optimal organizational skills they need to run a maximally clean and efficient back office. Checkeeper is here to help. There are many times a paper check is the needed or preferred method of payment for businesses to issue funds, but organization is not necessarily automatic. Checkeeper puts an end to manual data entry into check registries and ledgers—as well as all the errors that go with them—by providing an online, automated smart check registry that records and stores the details of each check transaction. Search the check registry by any check field when you need to research a payment; run comprehensive reports according to any custom time frame when you need to obtain a full report of all checks issued. Checkeeper keeps your business check records stored and organized for you so that you can pull them up any time, from any location.

2.    Financial management is stressful

Financial management tasks drain time and energy and they can cause a lot of stress for busy people, so they are often put off until another time. Unfortunately, putting the bookkeeping off repeatedly will make it take more time, not less. It can also result in late payments to vendors, penalty fees and interest charges, and problems with cash flow. Checkeeper aims to reduce the stress incurred in the payment process by streamlining as much of it as possible. Link Checkeeper to a compatible accounting or payroll software if you want check data synced across multiple platforms automatically. Delegate some of the work to an employee or virtual bookkeeper to help reduce the stress; Checkeeper offers user permission settings that allow users to share the work and access to the accounts while still maintaining oversight and control of the payments and funds.

3.    People trust that invoices are right and payments are clearing

While reviewing statements and reconciling accounts are time-consuming tasks, they are essential for catching errors and spotting potential misuse of funds. Reviewing each incoming invoice before paying reduces the chances for mistakes, over/under payments, and duplicate payments. Reconciling your check spending report with your bank statements every month lets you know if transactions have cleared, and it allows you to ascertain that no incorrect or unauthorized fees have been charged. It also helps prevent becoming inadvertently overdrawn. Taking a little extra time each billing cycle to review and confirm charges and transactions saves a lot of time and hassle later. Checkeeper offers powerful search and reporting features for tracking expenses, running reports, and researching specific payments. If you have unpaid invoices in an Odoo or Xero account, link Checkeeper to have data from unpaid bills imported directly into Checkeeper for automatic bill-to-check conversion. Payments due to the same vendor are consolidated into a single check payment automatically with an attached invoice table that breaks down the total. This improves accuracy and efficiency and reduces errors of overpayments, underpayments, duplicated payments, and neglected payments.

4.    The bookkeeping is being shared by too many people doing things their own way

While delegating some of the bookkeeping helps reduce the burden placed on any single person, it only works efficiently if there is a standardized system that everyone knows and follows. Even if you are outsourcing some or all of the work to a bookkeeper or professional service, it is still advisable to maintain oversight. Checkeeper enables multiple people to issue and approve payments while still keeping account holders in control. Limit user permissions to only features needed by each user, and set up an approval requirement if you want to approve of large or time-sensitive payments before they go out. Every report run in Checkeeper lists the authorized user who created each check, as well as the date and time of creation. And Checkeeper never touches or moves users’ funds, but rather keeps account holders in control of their money, allowing oversight and transparency for optimal security in the payment process.