If you are a business owner who is also doing your own bookkeeping, I know you are BUSY! I’ve created a quick list to help you streamline what you should be doing at a minimum.
- Daily – Collecting receipts, invoices, and a record of all transactions taking place each day as well as having a specific location (either virtual or tangible) where you put these
- Daily – Review available balances in bank accounts (Cash Flow)
- Weekly – Set aside uninterrupted time to enter all bills, receipts, invoices, etc. into QBO
- Weekly – Review the Accounts Payable Report after you’ve entered in the information in step 3 to see what’s due
- Weekly – Review Cash Flow report to ensure you have money to pay bills
- Weekly – Pay bills due
- Monthly – Reconcile all bank accounts (credit card, checking, savings, loans, etc.)
- Monthly – Review Financial Reports and look for discrepancies and overall company health
- Profit and Loss (a.k.a. Income Statement)
- Balance Sheet
- Statement of Cash Flows
- Monthly – Look at annual budget to ensure you are on track and adjust as necessary
- Annually – create a budget for the following year based on current year’s data and following year’s trajectory.
Keeping up with each of these 10 steps will greatly help your success and reduce stress surrounding bookkeeping. If you have any questions or would like to speak to our team about your bookkeeping, please reach out to me at Michelle@CareBookkeepingServices.com or by phone at 713-714-0264