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Bookkeeping Services Best Practices | Scheduling Quarterly/Annual Bookkeeping Tasks


Bookkeeping Services Best Practices | Scheduling Quarterly/Annual Bookkeeping Tasks


Andy-Hale.jpgToday's post, the final one in our Bookkeeping Services Best Practices series, looks at scheduling quarterly and annual bookkeeping tasks. If you haven't read them yet, please check out previous posts on scheduling daily, weekly/bi-weekly and monthly tasks. 

Let's start with the quarterly bookkeeping tasks:

1. Prepare and file your quarterly taxes as required by your jurisdiction. File all reports on time for sales taxes, employee payroll taxes, FICA, etc. Timely filing will help you avoid late penalties and additional scrutiny.
2. Perform a quarterly review by consolidating monthly statements and reviewing trends to examine the big picture.
3. Review policies, accounting processes, benefit/insurance and retirement plans, bonuses, procedures, etc. Make changes as necessary.
4. If you have inventory, count it. Update your bookkeeping services system with revised inventory quantities and journal entries as necessary.

As for the annual bookkeeping tasks:

1. Complete year-end close. If you've been closing each month, the end-of-year close should be easy.
2. Create and review a year-end reporting package. Get into the habit of doing this every year.
3. Send out the year-end reporting package to board members, banks or investors as required.
4. Complete tax preparation activities. This includes everything from understanding your books to ensuring they're complete and your documentation is organized. Your efforts will pay dividends when you meet with your accountant at tax time.
5. Meet with your accountant. With an organized set of books in hand, you can use the time with your CPA to focus on growing your business.

Continuous monitoring and management of your finances will demonstrate to lenders and investors that you're responsible. In addition, the information you get will allow you to adjust quickly to changes in the business environment and to take advantage of situations that present themselves.

Proactive management will also save you time and money. More importantly, good bookkeeping habits will give you peace of mind from knowing your business is on track and taking you exactly where you want to go. If you're unable to manage your books efficiently, consider a bookkeeping service provider in your area.

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Andy Hale


Andy Hale

Andy is managing director at Supporting Strategies | Texas.

Legal and Tax Disclaimer

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.