As a small business owner, one of the most important jobs you have is keeping accurate books, and understanding what your financial reports are telling you. Understanding the ins-and-outs of your business isn’t always easy, but it’s vitally important to financial health of your business. Avoid the year end scramble to get your financial house in order by staying on top of your bookkeeping with our 4-part series:
Daily Small Business Bookkeeping Checklist
Weekly Small Business Bookkeeping Checklist
Monthly Small Business Bookkeeping Checklist
Quarterly Small Business Bookkeeping Checklist
Even though you can (and probably should) hire a professional to help with your bookkeeping, it’s smart to understand how it all works! You’ll be surprised how keeping tabs on your money will lower your stress level and increase your cash flow!
Part II – Weekly Bookkeeping
Review Your Bank Account – Check your bank account to monitor cleared checks, withdrawals and automatic payments.
Prepare and Send Out Invoices – Don’t wait until the end of the month. Weekly invoicing keeps your cash flow stronger. Customers are more likely to pay quickly if your client service is still top of mind.
Record Customer Billing – Keep track of which customers have been billed to better anticipate when you’ll get paid.
Record Payroll Transactions – For accurate reporting, document payroll transactions in your bookkeeping system to capture the cost and liability in your financial statements.
Pay Vendors – Check your vendor billing files and pay on time to avoid late fees. Note which suppliers offer discounts for early payment.
Monitor Refunds – Check for purchase refunds to ensure you get credit from your vendors.
Enter Payroll or Review Payroll Statements – Calculate federal and state income taxes and other employee withholdings or review statements from your payroll service provider.
Check Your Cash Flow and Forecast for Next Week – Review incoming and outgoing cash and forecast what is expected the following week.
**Put this checklist into action! Stay on top of your bookkeeping by scheduling reminders and setting aside time on your calendar each week, month and quarter!