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Bookkeeping Services Best Practices | Scheduling Weekly/Bi-Weekly Bookkeeping Tasks

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Bookkeeping Services Best Practices | Scheduling Weekly/Bi-Weekly Bookkeeping Tasks

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Andy-Hale.jpgLast week, we kicked off our Bookkeeping Services Best Practices series with a post on scheduling daily bookkeeping tasks. Now we'll shift our focus over to bookkeeping tasks that must take place on a weekly or bi-weekly basis.

Here's our list:

1. Run a weekly cash-flow report to verify your data entries are complete and up-to-date.
2. Run accounts receivable aging reports to look for any overdue accounts receivable. Address any overdue balances by sending a reminder to the client or customer.
3. Review accounts payable to ensure all bills are paid on time, a necessary step to protect your business' reputation and credit rating.
4. Set up and run payroll. Making mistakes with payroll can be a huge liability. Make sure to hit your dates by having a game plan for collecting time cards, inputting data and running payroll.
5. Download bank activity into your books. Depending on your bank and your bookkeeping software, you might be able to have this information sync in real time. If not, do it every two weeks to stay current. Code/match all transactions. If you're unsure about any transactions, place them in a suspense account to review with your bookkeeping services provider at a later time.
  1. In next week's post, we'll cover bookkeeping services best practices for scheduling monthly bookkeeping tasks.

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Andy Hale

Author:

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.