Your Bookkeeping To Do List

Is bookkeeping making you stressed and overwhelmed? If you’re a beginner or still not quite comfortable, the act of bookkeeping can seem chaotic and confusing. There are many moving pieces that all need to be handled on their own before stepping back to look at the bigger picture. To help you on your way and ensure your bookkeeping tasks are done in a timely manner, use the guide below to determine if something should be done on a daily, weekly, or monthly basis.

Daily

-Log and categorize transactions. If you use a software that syncs these transactions, please review for accuracy, as mistakes can happen.

-Address any red flags that may arise and handle them immediately.

Weekly

-Send any reminders for overdue invoices to clients, vendors, etc.

-Deposit any new checks into the business bank account.

-Save any receipts as attachments to your expenses/transactions.

-Ensure upcoming bills have scheduled payments or will be paid manually.

-Run reports for sales and Accounts Receivable to review the most recent week.

Monthly

-Reconcile your bank accounts with your credit cards and other statements.

-Send invoices to vendors, clients, etc.

-Document any new vendor relationships.

-Review your general ledger for accuracy.

-Review your spending and budget.

-Analyze the following financial reports: Cash Flow Statement, Balance Sheet, Profit & Loss Statement.

Keep in mind that bookkeeping is not limited to only these tasks on this given schedule. Do your research, invest time in practicing or taking tutorials, work with a professional - don’t assume you have everything covered, but make sure you do. Happy bookkeeping!