Important Weekly Bookkeeping Tasks for Your Small Business

Weekly Bookkeeping Tasks for Your Small Business

It can be tedious to keep up with weekly bookkeeping tasks for your small business, especially if you are managing many other things in your company. But, don’t make the mistake of getting behind on your financial tracking, because you could cause problems for your business in the future.

Whether you are handling the bookkeeping tasks on your own, or you see the benefits of hiring an outsourced bookkeeper, it is important that certain tasks are addressed each week. Make sure that you are covering your bases by taking care of these tasks for your company:

Check Ingoing and Outgoing Transactions

Keep an eye on the transactions that are moving through your accounts, and make sure that everything is properly categorized for your reports. Depending on the accounting software that you are using, you might need to sort through digital transactions as they come through. In some instances, it might be necessary to do a little bit of data entry to enter in transactions that didn’t show up.

Look at the money that is coming in and make sure that you have enough cash flow to cover the expenses that will be due in the future. If you don’t have time for this busywork, it can be helpful to hire a bookkeeper to assist with these tasks.

Send and Pay Invoices

As you receive invoices from vendors, it is important that you pay attention to the due dates. Paying these bills on time will help you avoid interest costs and late fees. Additionally, you need to be proactive to send invoices to your customers, so that you can be sure that the payments are coming through.

Make sure that your invoices are clear and easy to read. Most accounting software programs will offer an automatic invoice template that can be generated from the information that is entered into the computer. You can choose to email these invoices for immediate delivery. In some cases, it might be necessary to mail out hard copies if needed.

File Receipts and Documentation

For each transaction that is recorded, it is important to make sure that you have documentation to back up the expense. As the receipts come in, put together a system so that you can file the paperwork. If an audit is done in the future, you will be able to easily identify the receipts that line up with the transactions.

Do you need help keeping up with daily and weekly bookkeeping tasks? Call us at Easier Bookkeeping for details about the services that are available. We are here to help! (888) 620-0770

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