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Bookkeeping Services Best Practices | Scheduling Monthly Bookkeeping Tasks


Bookkeeping Services Best Practices | Scheduling Monthly Bookkeeping Tasks


Andy-Hale.jpgWelcome back to our Bookkeeping Services Best Practices series. So far, we've covered best practices for scheduling daily and weekly/bi-weekly bookkeeping tasks. This time, we set our sights on monthly bookkeeping tasks.

Here's our list:

1. Download and reconcile cash and credit card accounts.
2. Run a trial balance to ensure that all of your debits and credits are in balance and that all entries have been posted in the correct ledgers.
3. Create and review reports. Most accounting packages have a set of canned reports that you can create with ease. Whether you're sending out a report or not, get into the habit of creating it and reviewing it monthly. Also, ask yourself tough questions such as: What do the numbers on my balance sheet tell me about my business' performance? Are cost projections in line with gross profit goals? Are my margins where they need to be?
4. Distribute a monthly reporting package to board members, banks or investors as required. The timely receipt of financials not only is a requirement in many cases, but also serves to instill confidence.

Next week, we'll conclude our Bookkeeping Services Best Practices series with a look at scheduling quarterly and annual bookkeeping tasks.

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Andy Hale


Andy Hale

Andy is managing director at Supporting Strategies | Texas.

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