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…

“We began to relinquish our bookkeeping tasks to Pebbles Bookkeeping in September 2020, following our meeting with Diane Huxley to discuss our requirements. We signed up with Diane immediately. We have all built a quick rapport with Diane and it’s good to know that we have her support and expertise at the other end of the phone.

Pebbles Bookkeeping is a perfect fit for our company and liaises seamlessly with our accountant. It is our pleasure to work alongside them.”

TecCre8 Ltd

I changed book-keepers around a year ago because of a disagreement.  I employed Diane of Pebbles and having been with the same firm for 10 years, I was amazed by how easy working with Diane was.  Not only did the change save me money but also saved me time.  Utilising new technologies (to me) have massively improved the amount of money I can claim back in VAT and has made the whole process speedier and well as easier.  Even when Diane is chasing me for information she does in a friendly professional manner.  I’m thrilled to be working with her and would recommend her to anyone.

Steve Tanswell, Manchester Facades

I just wanted to thank you both for the help you’ve given me thus far in setting up my new cloud-based bookkeeping system ‘Clearbooks’.

Having used Microsoft Excel for more years than I care to admit, I had more than a few reservations when considering changing the way I managed my books, yet understood that I had to make the change sooner or later.

After an intense training session with Sean, (where I probably asked 101 questions), my fears quickly dissipated and I can honestly say that although it’s likely to take me a little while to really get to grips with the new interface, I’ve no doubt that this simple system will save me so much time and hassle in future.

And less time spent doing my books, almost certainly means more time with the family and an end to rushing around like a mad woman at quarter-end!

Thanks again and I’m looking forward to working with you again soon.

Anne-Marie Armstrong, Amberry Marketing

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