Bookkeeping Tasks That Must Be Done Every Week
Bookkeeping is an essential element of running a business, but for those who struggle with financial recording, it can feel like a headache. Even for those who are not naturally good with figures or keeping records, keeping up with bookkeeping is vital to keep your financial data accurate and up-to-date. If you fall behind, it can derail your entire accounting system and cause significant headaches for you and your team.
For those that own and manage small businesses, having a weekly bookkeeping checklist can help ensure financial information is kept current, deadlines are met, and payroll is processed on time. A solid bookkeeping practice can also help identify potential financial issues before they become problems that affect a company’s long-term success and sustainability. For assistance from Bookkeepers Hereford, go to Office Support who supply Bookkeepers Hereford.
The top of every bookkeeping tasks list should include reconciling bank accounts to make sure the books match up with incoming revenue and outgoing expenses. This is important to ensure that all income and expenditure transactions are recorded correctly and that the business isn’t overspending.
Many small businesses have employees, so a weekly bookkeeping task should include preparing and recording employee payroll. This includes calculating wages, taxes, and benefits. It also requires checking with HR to make sure all employment terms and legal requirements are followed, which can vary between companies.
The business might also need to file and pay taxes, depending on the type of business you run. When each quarter ends, accounts receivable should be analysed, with outstanding invoices being chased up. This helps to provide a more accurate picture of cash flow.