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How to Schedule Your Bookkeeping Tasks for Best Results?
Being a business owner, there are a lot of things you need to consider which will keep you occupied in handling several aspects of your business. You have to manage your business PR, marketing plans as well as take care of your in-house staff. Handling your business accounts often seems an easy task to a lot of entrepreneurs, and most of you may not actually keep track of the time and money being lost when carrying out all your accounting tasks using pen and paper or Microsoft Excel.
If you want to manage your bookkeeping proficiently, it is best to make use of good accounting software. Also, divide the bookkeeping into smaller and well-scheduled tasks. These two techniques would help you maintain proper and correct records. We recommend making use of calendar reminders for yourself as well as your team.
Listed below are a few methods in which your bookkeeping tasks can be segregated. These suggestions can be quite useful for businesses in the service industry that need to send proposals and invoices.
Bookkeeping Tasks, Twice a month
We recommend completing the bi-monthly bookkeeping tasks on Fridays or perhaps Mondays.
- Follow up on customer invoices that are unpaid.
- Follow up on proposals that have not been accepted.
- Deposit all the checks for payment clearance at the bank.
- Apply all the customer deposits to their invoices.
- Process the payroll.
- Classify expenses under relevant sub-heads.
- Determine most commonly missed out deductions.
Bookkeeping Tasks, Monthly Basis
Pick out a day or a two to carry all the monthly bookkeeping tasks.
- Send checks to your retailers.
- Ensure that all the new vendors are documented correctly like Form W9 and so on.
- Carry out bank account reconciliations. This would help you in keeping a proper track of your cash and in case any fraud is detected, it would immediately be caught. A great number of banks have a certain time limit for you to report any kind of irrelevant transactions made from your account.
- Spend time with your accounting service provider to review the General Ledger of your business.
- Do an analysis of your spending. This would help in determining the places where you should cut back. This activity must be done with complete honesty.
Bookkeeping Tasks, Quarterly
Pick out a day or a two at the start of every quarter to complete all the bookkeeping-related activities for the preceding quarter.
- Prepare reports with the help of your accounting service provider. This would help you inaccurate tax planning for your business. Reports that need to be created on a quarterly basis are:
- Income Statements (P&L Statements)
- Balance Sheet Reports
- Accounts Payable and Accounts Receivable Reports
- In case relevant, calculate the approximated taxes.
- Take note of estimated quarterly tax.
- In case relevant, make sure that all the payroll tax returns are filed by the due date and the taxable amount is paid.
- Send the payroll tax returns to your accounting outsourcing company, particularly if the nature of your business entity is an S-Corp.
Handling bookkeeping tasks can become time-consuming, especially when you do it on your own. This is where Cogneesol can help you. We hold 11 years of experience in providing bookkeeping outsourcing services across multiple industries throughout the world. Outsource bookkeeping to us while you focus on managing your core operations effectively. To learn more about our services, email us at firstname.lastname@example.org or call us at +1 646 688 2821.
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