As a business owner you have to handle all aspects of your business–whether it be sales, HR, marketing or finances, there is always something to do! And it’s easy to forget about your bookkeeping, coming back to it months later to find hours of work waiting for you.
Breaking down your bookkeeping into weekly, monthly and bimonthly tasks can make the process manageable and easy. Let’s look at a few common examples of what bookkeeping tasks are ideally done when so you can make your own bookkeeping schedule.
Weekly
- Reconcile your bank transactions within your accounting software
- Ensure you have tax invoices/receipts for all of the transactions for the week
- Deposit any cash sales
- Process the payroll
- Send invoices to customers
- Send any bills received into Hubdoc or another bill management tool
Monthly
- Pay bills
- Carry out bank account reconciliations within your accounting software (we strongly recommend doing this one because it’s a great process to discover major errors early)
- Check your accounts receivable and payable are up to date
- Contact any customers that have not paid you yet
Two monthly
- File your GST Return*
- Review your Profit & Loss and Balance Sheet reports and use these to understand your financial performance and make strategic business decisions
*Note: The frequency of your GST return will depend on your business and revenue. If you’re not sure how often you need to file a GST return, check with your accountant.
Everyone’s business is different and as such, everyone’s ideal bookkeeping schedule is too. If you want to take control of your bookkeeping and streamline this aspect of your business, get in touch. We can help you put together a schedule so you can confidently do it yourself, or we can take bookkeeping off your plate entirely.
Lastly, if you want to manage your bookkeeping tasks well, we recommend you make use of a good quality accounting software. We can recommend a software that would suit your business and goals.
