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Bookkeeping Services Best Practices | Scheduling Daily Bookkeeping Tasks


Bookkeeping Services Best Practices | Scheduling Daily Bookkeeping Tasks


Andy-Hale-for-Web-2.jpgAdhering to timely bookkeeping practices is critical to managing a business.

Besides having the peace of mind that comes from knowing your books are up-to-date, you'll enjoy the confidence of making good decisions based on relevant data. Scheduled correctly, bookkeeping also allows you to drive your business proactively, looking ahead into the horizon rather than backwards out the rear window.To keep your bookkeeping in order — and avoid problems that might otherwise fester — you need to schedule recurring tasks and then complete them accordingly. In this blog series, Bookkeeping Services Best Practices, we'll review the daily, weekly/bi-weekly, monthly and quarterly/annual bookkeeping tasks that must be completed so that your business runs like a well-oiled machine.

Let's start with the tasks that should be done daily …

  1. Input business transactions as they occur into the general ledger. Doing so mitigates the chances that transactions will be omitted and creates a financial history of your business activity. This audit trail of activities will come in handy if you're ever called upon to explain your company's finances.
  2. Invoice your customers/clients as soon as the sale or service is completed to improve cash flow and reduce the chance that invoicing is forgotten or delayed.
  3. Make cash deposits daily to improve cash flow and reduce the chance that funds are lost or delayed in getting to the bank. Make sure to record deposits in the proper journal section.
  4. Review bank balances and run a daily cash-flow report to review where you stand and ensure day-to-day operations won't be impacted. Make adjustments as necessary.
  5. Back up your financial files. If you're using a cloud-based solution like QuickBooks Online, you're already covered. If not, make sure you back up your data daily.

Keep an eye out for next week's post, where we'll highlight bookkeeping services best practices for scheduling weekly and bi-weekly bookkeeping tasks.

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Andy Hale


Andy Hale

Andy is managing director at Supporting Strategies | Texas.

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This website is created by Supporting Strategies to provide general bookkeeping and accounting information only. Supporting Strategies does not provide tax, legal or accounting advice, and the information contained herein is not intended to do so. As such, the information provided should not be used as a substitute for consultation with professional tax, legal, and accounting advisors, and you should consult with a tax, legal and accounting professional before engaging in any transaction.