Basic Day to Day Bookkeeping Principles.

As a business owner, you have a few more important things to handle than bookkeeping. Bookkeeping is the routine task of recording every financial transaction of the business and maintaining the books of account. Undoubtedly efficient bookkeeping is essential to track the movement of funds in and out from the firm. It is essential to stay on top of finance. But doing it yourself may not always be a better option. A professional bookkeeping service like Meru Accounting is always at your service.

There are several aspects of daily bookkeeping tasks. What bookkeeping task do we need to do every day? What transaction requires weekly attention? How to prioritize tasks on a monthly, quarterly, and annual basis.

There are many things one must navigate to stay on top of your accounting records thus, having a bookkeeping task list or checklist will come to the rescue.

Why do we require a bookkeeping checklist?

There are many reasons to have a bookkeeping checklist. Let’s know how it proves helpful:

It keeps things organized: A bookkeeping checklist organizes business finances. You exactly know what and when you are supposed to perform daily bookkeeping tasks. You can check off each task that you are through to in the to-do list.
It ensures nothing is off the mark: Bookkeeping requires performing various accounting tasks on a daily, weekly, monthly, quarterly, and annual basis. Thus, there are a lot of things to track for the smooth function of the business. Having a checklist ensures nothing gets off the mark and completes all tasks timely.
It makes it easy to share or pass on responsibility: A checklist helps to pass or share bookkeeping responsibility to someone. It even helps outsource the bookkeeping responsibility to professional bookkeepers or CPA firms like us to understand client requirements.

Below are some of the ways to prepare a do list that helps in bookkeeping task management:

Daily bookkeeping task:

Check on the cash balance. You must keep track of the cash inflows and cost outflows of the business and the cash in hand available.
Updating the records of incoming and outgoing payments.
Preparation and sending of the invoice at the right time. You must post the invoice at the proper destination.
Proper recording of customer bills and payment of the purchase.
Timely filing of the vendor bills and payment records.
Updating the payroll records.

Weekly bookkeeping tasks:

Follow up on customer invoices for payments.
Deposition of all the checks for payment clearance.
Reconciliation of your business bank account and credit card accounts.
Review of the invoice and initiating payments.
Uploading the receipt of purchase to the bookkeeping software.

Monthly bookkeeping tasks:

Payroll processing and accurate payroll tax withholdings.
Reviewing the month-end financial performances.
Review of the accounts receivables and follow up to speed up the payment.
Review the spending of the business.

Quarterly Bookkeeping task:

Preparation of financial statements- Income Statement, Balance Sheet, and Cash Flow Statements.
Accounts Payable and Accounts Receivable Reports.
Estimation of quarterly tax.
Filing of payroll returns.

A bookkeeping job isn’t only about recording financials, it is more than just numbers and requires a proper understanding of accounting concepts and principles.

Stay on top of your bookkeeping task. Hire us your bookkeeping agent. Meru accounting provides curated bookkeeping solutions specific to the clients’ needs.

Ask for a quote now.