Continuous monitoring and reconciling your accounts will give you the ability to adjust quickly to changes in your personal and professional life. Developing a true habit of doing the bookkeeping daily, weekly and monthly tasks will help give you peace of mind from knowing that your business is on track and on the road to become successful.

Daily Bookkeeping Tasks

• Checking the balance of the cash account should be the first thing done every day. Often unexpected expenses can occur and knowing your balance will help ease your troubles of trying to guess if the cash is available.
• Record and reconcile all transactions whether its incoming or outgoing payments. Deposits should be made daily. Invoices should be created and sent out daily to keep an inflow of cash in the company.
• Generate a daily cash flow report to stay informed on all day to day operations.

Weekly Bookkeeping Tasks

• Generate a weekly cash flow to review reconciled transactions.
• Generate accounts payable report to review any bills that was paid or need to be paid.
• Generate accounts receivable report ton ensure clients are not overdue in payments. This is also an opportunity to resend any unpaid invoices to clients as a payment reminder.
• File all hard copy receipts, invoices and deposit slips for all transaction recorded for the week.

Monthly Bookkeeping Tasks

• Generate a trial balance report to ensure all accounts have a positive balance.
• Reconcile the bank and credit card accounts. Review for any fraud or errors.
• Generate monthly financials to review with your accountant.
• Send out monthly statements to all clients and customers. Another opportunity to send payment reminders for those overdue.
• Brainstorm on how to make the company more successful such as limiting overdue payments from clients.