I have not done my bookkeeping in over a year, what do I do?
Take a breath. This happens to more small business owners than you’d think. Running a business takes all your energy, and the books end up on the back burner. A year or more of backlog feels overwhelming, but it’s completely fixable.
The first step is gathering your financial documents. Bank statements and credit card statements for the entire period are the foundation. Most banks let you download these going back several years through online banking. If you’ve paid contractors over $600, pull those records for 1099 reporting. Invoices, receipts, and loan statements help fill in details, though the bank records are the most critical piece.
With documents in hand, the work involves reconstructing your books month by month. Each period gets entered and reconciled before moving to the next. Bank transactions are categorized, deposits are matched to income sources, and expenses are coded to the right accounts. This systematic approach makes sure nothing gets missed and each month ties out before moving forward.
You could tackle this yourself, but a year of backlog on top of actually running your business is a lot to take on. Catch-up bookkeeping exists for exactly this situation. Someone experienced can work through the backlog faster and knows what to look for to catch errors that could cause problems at tax time or during an audit.
This type of work is typically priced on a project basis rather than a monthly fee. The scope depends on how many months need reconstruction, how many bank and credit card accounts are involved, and how organized your existing documents are. Once you provide the statements and records, a bookkeeper can assess what’s needed and give you a clear quote.
After your books are caught up, you’ll have clean records ready for your accountant. You’ll also finally see where your business actually stands financially. Some owners discover they’ve been more profitable than they realized. Others spot where money has been leaking. Either way, having accurate numbers means better decisions going forward. And ongoing small business bookkeeping on Long Island takes far less effort than digging out from a year-long backlog every tax season.
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More Questions
How do I handle client reimbursements and pass-through expenses in my books?
Record pass-through expenses separately from your operating costs and track reimbursements as offsets rather than income. This keeps your actual revenue and margins accurate instead of inflated by money that just passes through your hands.
Read answerIs my financial information safe with an outsourced bookkeeper?
Yes, when working with a professional who follows proper security practices. Reputable bookkeepers use encrypted cloud software, secure bank connections, and clear confidentiality standards to protect your data.
Read answerDoes my New York nonprofit have to file a CHAR500?
Most likely yes. If your nonprofit solicits donations or operates in New York, you need to register with the Attorney General's Charities Bureau and file the CHAR500 annually. Religious organizations are the main exemption.
Read answerDo small businesses really need monthly bookkeeping?
Technically no, but monthly bookkeeping prevents the year-end scramble that produces errors and stress. Keeping books current means you have accurate numbers for decisions and clean records when tax time arrives.
Read answerDo I need to send 1099s to the freelancers my agency hires?
Yes. If you pay an unincorporated freelancer $600 or more during the year, you must send them a 1099-NEC by January 31. Collect W-9 forms before the first payment and track payments throughout the year.
Read answerShould I hire a local bookkeeper or an online one?
The question isn't local versus online. What matters is expertise, responsiveness, and familiarity with your state's tax rules. A virtual bookkeeper based in your area can offer both local knowledge and modern convenience.
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