21 Bookkeeping Tasks to Stay Up To Date and Organized

Why is Bookkeeping Important?

Not only does it organize your finances for tax proposes, proper bookkeeping will show you the financial health of your business and help prepare you for the future. Staying current with bookkeeping task makes running your business less stressful, because you know what you have and need to accomplish your goals each month, quarter, and year.

Bookkeeping Tasks

Check Bank Balances – You need to know what you have on hand and if you are getting low or you are good to go. Checking weekly will help you see trends about your finances. Things like when most invoices are paid, when you pay bills.

Mark Payments to Invoices – If you receive automatic payments, make sure to enter them weekly to avoid sending out an invoice showing you have not received their payment.

Pay any Bills Due and Mark Them Paid – Always stay current on bills to make sure you aren’t paying late fee and you don’t pay them twice by mistake.

Save and Organize Receipts – Bank statements are not enough. Do yourself a favor and save every receipt for your business. Create a filling system and stick to it.

Send Invoices – How are you going to get paid if you don’t send invoices? Customers will follow your lead and pay late.

Categorize Transaction in Bookkeeping Software – What happens when a transaction shows up on your bank statement and you aren’t sure what it is for a month later? If you do this weekly the purchase is fresh in your mind and you should have the receipt right there to refer to.

Move Money to Saving – You need to be saving for taxes at the minimum. This can be done every week or every other week; don’t wait till the end of the month. There will not be any to move. Putting aside for profit and other large expense you have coming up is a great idea.

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Follow-up on Unpaid Invoices – People forget, this happens. Reach out to let them you know haven’t receive their payment.

Pay Contractors – Most contractors get paid monthly. Set them up on a schedule and don’t miss taking care of them. They take care of you!

Pay Yourself – YES! You are your number one employee! You eat, sleep, and breathe the business. You deserve it!

Reconcile Bank Balances – No biggie! This just makes sure your books match up to your bank, credit card, and loan accounts.

Pull Income Statement, Balance Sheets, and Other Reports – These help you plan your next move. OK you have your books in order great! Even if you aren’t completely sure what you are looking at, look at them monthly. You will start to see how they make since. Ask your bookkeeper for help.

Make Estimated Income Tax Payments – Mark your calendar! These have specific due dates. April 15th (for Jan-Mar); June 15th (for April-May); Sept 15th (for June- Aug); and Jan 15th (for Sept –Dec). A lot of people pay 100%-110% for what they owed the previous year. Some pay 30-35% of their net income.

Review Prior Quarter’s Goals to Actual – 3 months is not too short or too long to make a difference. Goals are to be used to help you succeed.

Set Next Quarters Goals – After looking at last quarter set new goals. Work to hit your new goals. Make them challenge you, but not out of reach.

Follow up on the Unpaid Invoices, Give Up, or Send to Collections – Once you have followed up nicely, at some point you have to take it to the next level. Some businesses add interest. It is up to you if it is worth the time and effort to collect or move on. Write it off as bad debt or send to collections.

PROFIT PARTY!!- If you have been putting that money aside each week, then now is the time to take a withdrawal. DON’T TAKE ALL OF IT! You want it to accumulate, don’t get greedy. Take this money and do something special. Don’t reinvest into the business.

Pull Reports Requested from Accountant – Usually these include income Statements, Balance Sheet, Statement of cash flow, payroll reports, ect.

Review Annual Report Against Goals – Did you hit your mark? Did you fall short or CRUSH it?

Set New Goals – GOALS ARE IMPORTANT! Just like you set them quarterly, set some yearly goals. Give yourself something to aim for.

Reassess Your Salary, Profit, Tax Savings, and Expenses – Did you overspend in an area the previous year? Figure out how to cut expense to raise profit. Did you under pay in taxes? Raise the percentage you pay this year in estimated tax payments. Did you barely pay yourself anything? Figure out your raise! Take the time to plan these out to reach your financial health. Left to fall where they may, your finances will not be what you hoped for.

WISH SOMEONE COULD DO THIS FOR YOU? WE ARE HERE TO HELP! OUR BOOKKEEPING SERVICE IS BASED ON YOUR NEEDS. CONTACTS US TO SETUP A CONSULT!