![]() ![]() Monitoring this overview of transactions on a weekly and monthly schedule will allow you to catch any unintended or malicious inconsistencies on your books. Are there any unauthorized payments either via written check or ACH payment?.Did you receive invoices that match your outgoing payments?.Does the payee name and dollar amount match the checks paid?.On the outgoing side of things, you should monitor your check, disbursements, and payments activity.Also, keep an eye on your merchant’s processing fees.If you are getting your credit card deposits through a merchant services provider, do the deposits match what was recorded?.Do the deposits that are recorded match what was actually deposited?.Are your employees making cash deposits on the correct schedule?.We understand your time is at a premium, and this process does not need to be lengthy, but monitoring an overview of your transactions on a weekly and monthly basis is necessary.įor incoming cash-flow, you should match both your cash and cash-less deposits with the receipts on your bank statements. Why would I need to also schedule time to monitor my transactions?” ![]() ![]() You might be thinking, “I already have daily time slotted for my business bookkeeping. Doing so will help ensure that the bookkeeping process is as efficient, painless, and accurate as possible.īack to Top Small Business Bookkeeping Tip #3 Monitor Your Transactions on a Weekly and Monthly Basis We would even recommend making an appointment on your calendar. In our experience, it is significantly easier to maintain a bookkeeping schedule if you commit to a specific time each day. This is clearly avoidable, complicates the bookkeeping process, and takes valuable time from your schedule as a business owner. However, if you keep prioritizing other aspects of your business, you can lose track of what each transaction was for, forcing you to back track and look at each receipt and invoice one at a time. Investing in yourself and taking the time to learn bookkeeping basics can help catch critical errors before they become disastrous and save you time and money.īack to Top Small Business Bookkeeping Tip #2 Schedule “Bookkeeping Time” Dailyīeing a business owner, it is easy to get behind on categorizing and logging transactions into a bookkeeping software. This includes proper setup of the chart of accounts, monthly reconciliations, and journal entry adjustments.īecause you are reading this, you are well on your way to learning what it takes to handle the bookkeeping for your small business. It is imperative that as a business owner you take the time to learn the foundational aspects of the bookkeeping process. These small mistakes can turn into thousands of dollars’ worth of penalties, interest, and fees. Small Business Bookkeeping Tip #1 Invest Time in Understanding Bookkeeping BasicsĪs accounting professionals, we have seen on many occasions business owners who make seemingly small mistakes. Stay Confident in Your Bookkeeping Strategy.Consider Accepting Digital Payments from Customers.Create a Simple but Functional Chart of Accounts.Classify Your Employee Status Correctly.Document & Deduct Expenses That Are for Personal & Business Use.Keep Personal and Business Finances Separate.Have Immediate Access to Financial Data.Monitor Your Transactions on a Weekly and Monthly Basis.Invest Time in Understanding Bookkeeping Basics.Below are 17 small business bookkeeping tips to guide you along your bookkeeping adventure Contents ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |