If you want to manage your bookkeeping proficiently, it is best to make use of good accounting software. Also, divide the bookkeeping into smaller and well-scheduled tasks. These two techniques will help you maintain proper and accurate records. I recommend utilizing calendar reminders for yourself as well as your team to help keep everyone on track.

Listed below are a few methods in which your bookkeeping tasks can be segregated. These suggestions can be quite useful especially for businesses in the service industry that need to send proposals and invoices.

Bookkeeping Tasks, Twice a Month

We recommend completing bi-monthly bookkeeping tasks ideally on Fridays or Mondays.

• Follow up on unpaid customer invoices.
• Follow up on non-acceptance proposals.
• Deposit any checks for payment clearance at the bank.
• Apply all customer payments to their corresponding invoices.
• Process payroll
• Classify income and expenses under relevant line items to help differentiate money earned and money spent. This also helps identify deduction opportunities.

Bookkeeping Tasks, Monthly Basis

Pick a day or two to carry out all the monthly bookkeeping tasks.

• Send checks to your retailers.
• Maintain and update your vendor list and be sure to document new vendors correctly (i.e., Form W9 and so on).
• Process and complete account reconciliations. This will help you keep track of your available funds, ensure accuracy in your financial records and general ledger, and detect any discrepancies. Most banks have a certain time limit for you to report any kind of irrelevant transactions from your account so be sure to check with your financial institution.
• Review the General Ledger of your business and contact your accounting manager or service provider to set-up a meeting regularly to go over the finances.
• Do an analysis of your spending. This helps organizations identify ways to reduce costs and get better value from supplier relationships.

Bookkeeping Tasks, Quarterly

Pick out a day or two at the start of every quarter to complete all the bookkeeping-related activities for the preceding quarter.

• Prepare reports with the help of your accounting manager or service provider. This will help ensure proper tax planning for your business and prevent delays and additional costs in the process.
• Reports that need to be created on a quarterly basis are:
  • Income Statements (P&L Statements)
  • Balance Sheet Reports
  • Accounts Payable and Accounts Receivable Reports
  • Cash Flow Statement
• Take note of the estimated quarterly tax
• File payroll tax returns within the due date to avoid penalties.

Managing bookkeeping tasks can become time-consuming, especially when you do it on your own. This is where Totally Balanced Bookkeeping can help you. We hold 15 years of experience in providing bookkeeping services across multiple industries. Outsource bookkeeping to us while you focus on managing your core operations effectively.

To learn more about my services, visit www.totallybalancedbookkeeping.com or email, Trish@totallybalancedbookkeeping.com.

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