Bookkeeping is not everyone’s cup of tea. It is a time-consuming affair that takes your attention away from the growth areas of your business. However, your bookkeeping is financial integrity for your business – so it does require your focused attention. It can be difficult if you leave your bookkeeping until the end of the year to file and record. It becomes much easier when you hire outsourced bookkeeping services, or at least implement a small business bookkeeping solution on a weekly or monthly rotation to keep you updated.
Weekly Tasks and Assignments
Keeping your records as accurate as possible will help your financial flow and business operations, so keeping a weekly checklist of smaller bookkeeping tasks to be completed in the afternoon once a week will help you stay in good shape.
Make sure that all paper checks and cash payments you receive are deposited at the end of the week so that your records are current and your cash flow is healthy. Frequent billing at the end of each week will encourage your clients to make on-time payments, as the service you provide will still be fresh in their minds that week. If the client cannot pay the bill by the end of the week, you will have time to set an immediate date for payment with them instead of chasing them for weeks afterwards.
Timesheets
At least once a week, you should analyze all timesheets to find any inconsistencies that may be harmful to your company. That will assist you in monitoring your payroll expenses.
Unauthorized overtime compensation is occasionally an issue, even if you didn’t approve it. If an employee works over 40 hours a week, you can still be liable for paying it, so a weekly inspection of all timesheets to find any behaviours or inconsistent patterns will help you with your financial record accuracy.
As well as paying your employees correctly, you need to get into the habit of paying your bills as soon as they arrive to ensure no errors. Schedule your payments in advance to take advantage of any discounts that your vendors may offer for early payments, avoiding any late fees by putting the bill to the side until later.
If cash flow is a running problem for your company, you can usually work out longer terms.
Outsource to Professionals
If your time is stretched throughout the week – don’t worry! It’s a good thing to be that in demand. The best course of action is to hire bookkeeping services in Manchester, which can help in getting your financial records in order and handle other areas, including payroll outsourcing services.
If you need a small business bookkeeping solution, or help catching up with your financials, contact the team at Pebbles Bookkeeping today.
