The Jetpack Workflow platform includes templates for various bookkeeping engagements, including accounts payable, accounts receivable, payroll processing, and financial statement preparation. Jetpack Workflow allows you to customize your workflows so that they’re a perfect fit for your firm. Whether you are a traditional paper-based accounting firm or have moved your practice into the cloud, workflow templates can be used in either environment. There are manual options, like tracking projects through local spreadsheets or an online tool like Google Docs, but these systems leave a lot of room for things to fall through the cracks. There are several critical monthly bookkeeping steps including reconciliation of all accounts, running financial reports, and sending them to the client promptly. The work needs to be reviewed and billed after each project is done.

  • There are several steps to consider when setting up an initial workflow.
  • If you ever need to prove your compliance with regulatory requirements, your flowcharts will help you show how your firm gets client work done.
  • Use this template to review each item and determine the overall month-end cash position for each time period.
  • Use this workflow template to manage producing annual accounts and submitting CT600 returns for your clients.
  • The next step is to jot down these transactions as credit or debit entries and specify the accounts involved.

The items causing these variances are known as reconciling items. These items are added back or subtracted from the closing balance for the period in the bank statement during the reconciliation process. The process allows you to identify and resolve issues quickly and reduce the chance of fraudulent activities. When you don’t have a clear process for your staff to follow they will make many mistakes.

Profit and Loss Dashboard Template

After determining which project you are starting with, gather the new data that has come in since you last updated your client’s books. This data can include statements, bank fees, bills, invoices, and payroll information. Ideally, you have access to these resources without having to ask the client for information through view access to their accounts. Otherwise, you will need to wait for clients to send you information (and hope they’ve sent it all). Starting with a workflow template allows you to build on prior successful project outcomes by following the same steps and procedures.

  • Spending the money up front for a system that pays your employees accurately and in a timely manner is vital for growing a business after virality.
  • With your business constantly growing, it has become more hectic to deal with all the accounts and finances.
  • This is because the tasks are streamlined and almost all of the limitations are removed.

Once you find a process that works for you and your team, codifying it as a workflow ensures consistency and quality. It will also help your team members understand the project goals, budgets, and timelines. An optimized workflow will generate much better results when compared to a manual setup. There is an overall increase in the efficiency of the financial handle of your business. This is because the tasks are streamlined and almost all of the limitations are removed.

Free Accounting Workflow Templates

If you are going to send an email more than once, copy it and paste it into the toolset or biz app you have settled on. Rather than having to search for the original to use again in the future, or recreate it (again), you’ll always know where to quickly find it. Having automatic reminders set for upcoming tasks allows you to free up your mental capacity for the work itself. This expense report template makes it easy for your staff to reclaim their money and for your business to keep accurate expense records. Without a structured system for expense tracking—especially when you have a team—you run the risk of errors, oversights, and disorganized financial records.

The Benefits of a Workflow Management Template for Bookkeeping

A simple ready-to-use workflow template for completing Form 1120 U.S. corporation income tax returns. This accounts payable template helps you track the money your business owes to vendors. List balances due, payments made, and supplier names, invoice numbers, and amounts. The template subtracts payments to show a running balance for each line item and displays the total amount due to all vendors at the top of the spreadsheet. This trial balance worksheet compares beginning and ending balances on each of your financial accounts based on debit and credit transactions over a given period. The template also calculates the total balance across all accounts and the total variance.

To me, it’s so crucial that I have a travel monitor for my laptop. Follow the threads on biz apps (I recommend joining Facebook Groups such as The Workflow WateringHole), and then compare an app’s features to your wish list. At the end of this stage, the project is sent to the client for review and feedback. When requesting information from clients, be as specific as possible to ensure they get you the information you need.

With so many client requests, payment approvals, and payment receipts, it can be quite a handful, and tracking these will be humanly impossible. Determining and understanding the steps in the workflow will help you optimize the process to a different level. With this approach, you can point out the steps that can be automated as well. Here are the important steps that go into a bookkeeping workflow if you have to manage the accounts within the organization. This budget template includes tabs for recording income, expenses, and cash flow. As you add amounts received or spent on each item, the template calculates monthly and yearly totals.

Accounts Payable Template

Include a detailed list of the bookkeeping services you provided. Be sure to include the date, location, and any other relevant information. If you are billing for any goods or subscriptions such as QuickBooks, those products should also be included as a line item on your invoice. There’s no wondering what I need to do or what I’m missing from my clients. Managers love that they can see real-time updates and progress reports for multiple projects and distribute work evenly to their teams.

Four apps to improve your workflow

The balance in the accounts receivable ledger at the end of any period appears in the balance sheet as a current asset. Here are some easy-to-follow templates you can download, which many DIY bookkeepers can use. We’ve also included some additional popular bookkeeping templates, if needed. If you asked five different accountants to complete the monthly bookkeeping process each one of them would do it differently. Therefore, if you don’t have a clear process for new hires to follow each one of them will develop their “own” process for getting the work done. If you want to save hours of time in mapping out your processes, check out our workflow template library.

If you make changes to the templates over time, your team will see the updates in real-time, helping you ensure good work quality with consistent deliverables. This allows you to scale your onboarding more staff members faster, which lets you take on more client work and drive revenue so you can scale your accounting firm. When there is uncertainty and guesswork, your team will make mistakes and waste time figuring out how to complete client work correctly.

Including your tax ID on your invoice will make it easier for your clients to issue you a 1099 at the end of the year (although most bookkeepers will handle issuing 1099s). Include your full name, business name, address, and contact information. This will help your clients identify who they need to pay and make it easy why changing the corporate tax rate doesn’t help you for them to get in touch if they have any questions about the invoice. Want to enable better, faster decision-making for your small business clients? Even if you pick just one thing from the list, your day will be so much more efficient. This spreadsheet will likely be outside of your biz app (I use Google Sheets).

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