Short-Term Accounting Tasks That Small Businesses Can Adopt

small business bookkeeping solution

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.

What our clients say…

“Pebbles have provided professional and personal approach to all our accounts needs from processing invoices to management accounts. Based in-house they have become a valuable asset to the business and have given us a more strategic and analytical approach to our finances.”

 

Robert Flinn, Director, The Drawing Room

“Sean and the team at Pebbles provide bookkeeping services and do everything from processing invoices to payroll and then final accounts to trial balance.  They have put processes and systems in place that have helped the company track our projects and see if they are profitable and to help us generate better profitability and cash flow.  I highly recommend Pebbles Bookkeeping and often pass their details onto my contacts.”

Sam Phillips, Sam Phillips Builders

Only The Brave have used Pebbles Bookkeeping for a few years now and we treat them instinctively like an integral department of our business.

I have worked with Sean for over two decades in my previous businesses and when Sean and Diane went on their own it was a no brainer to get them involved with our day to day accounting.

Pebbles manage our bookkeeping, expenses, credit control and PAYE and have a keen eye for detail and help us spot important financial matters before they become issues.

Their integrity and honesty are unquestionable and as a result, Pebbles are an asset to our business and will continue to work with us for many years to come.

Nick Aldrich, Only The Brave

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