As a small business owner, you likely wear many hats and have a lot of responsibilities.
One area that can be especially challenging to manage is bookkeeping, right?
You may not have the time or resources to keep up with your bookkeeping tasks.
But not keeping up with your bookkeeping can lead to missed tax deductions, penalties, and even audits.
So what can you do?
By executing some recurring tasks on a regular basis, you can make bookkeeping easier and less time-consuming.
I’ve outlined some of the most important recurring bookkeeping tasks for small businesses.
Let’s take a look further.
Some Recurring Bookkeeping Tasks For Small Businesses
You don’t have to be lost in the weeds of your business — good bookkeeping can help!
The truth is, organized data will give you more insight about where things stand and what decisions need to be made.
Here’s a few tips you can follow to help you keep your bookkeeping on track.
1. Daily
- Check your bank account
- Deal with any emails & posts
- Clear all receipts
- Prepare and send out customer invoices
- Record the time you worked
- Record your mileage related to business
2. Weekly
- Process Supplier Invoices & Pay Them
- Put Cash/Checks in the Bank
- Maintain credit control-send follow up invoice reminders to customers
- Track you business expenses and income
- Refill petty cash
3. Monthly
- Reconcile all accounts including bank account
- Create a Profit & Loss statement and compare it to last months.
- Create a Profit & Loss statement year to date & check it versus budget
- Check your cash flow
- Calculate & save money to pay your taxes
- Pay yourself
- Perform stock intake
4. Quarterly
- Perform & review profit & loss statement for the quarter
- Process VAT payments
- Check your cash flow
5. Yearly
- Prepare Profit & Loss statement for the year and check it against the budget
- Prepare your tax return
- Check your cash flow
- Prepare annual self assessment tax return/annual accounts
- Close your bookkeeping
By taking a little time each week to stay on top of your bookkeeping, you can avoid the dreaded crunch time and keep your business running smoothly. This will help you make informed decisions about the future of your business.
But if you’re finding it difficult to keep your bookkeeping in order, don’t worry we can help!
Contact us today for more information about our services.
Let us take a little weight off of your shoulders so you can focus on what you do best!