4 Accounting Tasks You Should Do Each Week

4 Accounting Tasks You Should Do Each Week

checking-tax-return.jpg
  1. Bank Account Reconciliation- Many small businesses make the common mistake of waiting for a bank statement to reconcile their accounts, but bank statements are only mailed monthly. That means you have roughly 30 days between reconciliations, and a lot can happen in 30 days. You should at least reconcile all of your cash accounts weekly. If you have the time, daily is an even better option

  2. Vendor Payments- You need a system for vendor payments. This is vital for keeping track of your debts, and it's also important for establishing a good reputation and credit history with your vendors. Your payment terms will vary from one vendor to the next, so you can't get by with paying bills only once a month.

  3. Customer Receipts- The only thing worse than an unhappy vendor is an unhappy customer. No one likes to pay a bill, then receive a "past due" notice a week later. To avoid this situation, make sure your customer receipts are recorded in a timely fashion. Daily would be ideal, but weekly should be sufficient, too.

  4. Other Transaction Entries- Vendor payments and customer receipts will make up the bulk of your transactions, but you probably have others, too. Auto-debits, interest payments, and bank fees are some common transactions that you'll need to record weekly. Most bookkeepers choose to record these before a bank reconciliation to make the process as smooth as possible.



The Top 10 Basic Accounting Tips Explained

The Top 10 Basic Accounting Tips Explained

Must Have Accounting Tips: Part 2

Must Have Accounting Tips: Part 2