Quick pop quiz! Do you know how often you should be doing your small business bookkeeping?
(A) Every week?
(B) Every month? Or
(C) Once a year in a panic when your accountant asks about it at tax time?
Now, hopefully, you already know it’s not C (even if that’s the way it may happen for you most years!)
The answer is (B), every month! (At the bare minimum)
But … do you know exactly which bookkeeping tasks need to be done … and when?
For example, some bookkeeping tasks only need to be done every quarter – and others should be done every week or every day!
In case you’re curious, here’s a quick checklist summary of what you should be doing and when:
DAILY – Check your bank account
WEEKLY – File receipts, review and pay vendors, prepare and send invoices to clients
MONTHLY – Reconcile your bank accounts, review past due invoices, review financial reports
QUARTERLY – Review quarterly payroll reports, make quarterly sales tax payments
ANNUALLY – Fill out IRS forms W-2 and 1099-MISC, review + file annual federal tax return
So – what about you? How often do you sit down and take care of your bookkeeping for your small business?
It looks like a lot all laid out like this! But once you get into a rhythm and schedule your bookkeeping time + tasks, I promise, it will take less time than you think.
But, of course, if bookkeeping to-do lists just aren’t your jam, and you don’t want to worry about tracking all of the weekly, monthly + quarterly things to do …!
Then just reach out
Every bit of this is exactly what we handle for our clients on a daily (weekly, monthly + quarterly!) basis – and of course, we’d love to help you, too!
Just schedule a free consultation call today to get started!
Kerry Postel – Founder CEO Principal
Abacus Business Solutions
Has Higher National Diploma in Business and Finance, Certified in QuickBooks, Member of American Institute of Bookkeepers, and over 20 years of bookkeeping experience including construction, travel, restaurants, events management, and other various professional services.
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