budget and forecast

Record financial transactions and balance the books. The first step is to ensure that all income and expenses are recorded in your accounting system to categorize and reconcile. Enter all the accounting data such as bills received, receipts, import/post payroll, and generate invoices. There are plenty of choices when it comes to accounting software.

25 Must-Know Bookkeeping Interview Questions and Answers for … – Fordham Ram

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This helps keep your cash flow calculations accurate and avoids your team chasing payments that have already been paid. A bookkeeper’s job is to keep track of all the money that flows in and out of your clients’ accounts. This helps your clients know how much money they have to work with at any given time. Making daily deposits is a crucial part of the bookkeeping process because it ensures that all money is accounted for, preventing any confusion over where it came from or went. File a copy of all invoices sent, cash payments, and cash receipts with a physical file or scan into bookkeeping software.

Outsourcing your bookkeeping is more affordable than you would think. We save you money the moment you hire us by cutting out the expensive cost of hiring an in-house CFO. By keeping up with your bookkeeping, you will develop a sound financial system that you can use as a tool.

It’s a lot to navigate—and if you want to stay on top of all your accounting tasks , having a checklist can help. Is the fundamental responsibility of a bookkeeper at the end of the fiscal year. The first step to filing your year-end tax returns is to generate your annual profit/loss statement and other financial reports.

Review Your Clients’ Cash Position

A checklist will make sure nothing falls through the cracks. There are a lot of accounting tasks you need to perform to keep your business running smoothly—daily tasks, weekly tasks, monthly tasks, quarterly tasks, and annual tasks. Having a checklist helps ensure that no tasks fall through the cracks—and you successfully complete all the necessary bookkeeping to-do’s for your business. One of the most important items on your checklist is staying on top of deadlines. Each month, there are a number of deadlines you need to meet to keep your clients’ books in order. These can include filing payroll taxes, sending invoices, and reconciling credit card accounts.

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Getting paid on time by customers and clients is important for cash flow. Preparing and sending invoices every week, rather than at the end of the month, can help reduce the scale and frequency of late payments. Be sure to include a due date and payment terms to ensure clients know how and when to pay you; this will help if you have chronically slow-paying customers. Read our complete guide to accepting online invoice payments for more information about how to streamline the process.

We offer our toolkit of financial intelligence that will be your greatest asset for business growth. As you can see no matter what time of the year it is there is always some sort of bookkeeping task you need to be taking care of. Rather than worrying about budgets and bookkeeping at the beginning of the new year, stay completely focused on sales and growth. All of your day to day activities need to be reconciled at least each month if not each week.

Automate Bookkeeping Task With Accounting Software

That is about perfect because I charge this client $250 a month, which works out to be about $50 an hour. My client is happy with the flow of things, so we haven’t transitioned to a more automated system, but because of the extra paper it is more time-intensive than it probably needs to be. Most banks will automatically be in QuickBooks, but if they aren’t connected, there will be about eight or so steps you’ll need to take to get the necessary information input into QuickBooks. She writes about technology and small businesses. Her writing has also appeared in NewsWeek and Huffington Post. Forbes Advisor adheres to strict editorial integrity standards.

monthly or quarterly

It also allows you to discover errors that would be easier to fix by going back a few days and reentering data, rather than making significant adjustments. Reviewing timesheets proactively – at least once each week – can help you spot any discrepancies and activities that may be counterproductive to your organization. Keeping track of inventory systematically reduces theft and loss of your merchandise. At least once a year, companies should take a close look at their fixed assets to make sure more recently acquired assets are on the books and those no longer being used are removed.

Review Employee Timesheets

Profit/what is an enrolled agents can be generated either quarterly or annually. How often you’ll need to generate these depends on your company structure and its related financial disclosure requirements. Not only does this improve cash flow, but it also makes it more manageable for your team to chase unpaid invoices. There is also the issue of unauthorized overtime pay – if an employee works more than 40 hours a week, you can be held liable to pay for overtime even if you haven’t authorized it. Weekly checks can ensure such surprises are minimized. Fortunately, there are a few simple ways to stay on top of your payroll duties.

It includes notes for things to talk to my client about and any questions I have about their books. The first one is “bills,” which is any notes for myself about vendors that I don’t know. Sometimes there’s a vendor that has something tricky to remember or I don’t know where it goes, so I put notes in there about that.

A checklist allows you to break down each task and see how each can be improved, simplified, automated or delegated. Perhaps a monthly task can be done way more efficiently using software or utilizing features of your existing software. Find out how long each task is taking you or your team each month, and find solutions to reduce that. A checklist will allow you to delegate to other team members or automate with technology as your business grows.

  • Can align an organization’s resources properly by daily recording sales and purchase transactions.
  • As you begin the process of drafting your job description, consider putting together the top 10 functions of a bookkeeper for your company.
  • Make sure to have funds set aside for the bills and process payments well before the due date.
  • Businesses should make appropriate customer billings and the payments on each of the purchases.

Bookkeepers have to communicate with other employees to manage travel expenses, reimburse employee’s expenditures, petty cash reconciliation, and more. Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.

Maintaining financial records requires a high degree of accuracy and attention to detail. Every transaction must be properly documented and classified. You need to confirm all entries get recorded in the correct categories. Completing this daily task lets you quickly identify and correct any errors and prevent problems down the line due to a misplaced entry.


This includes bank statements, invoices, receipts, tax forms, and other records. The next crucial monthly step is to collect the statements from the clients, including a bank statement, credit card statements, loan statements or other financial records. If this step is not already automated, you will need to collect these from your client or directly from the financial institutions if you have access.

Companies should look at Publication 15 for Forms 941, 944 and 945, or Publication 51 for Form 943. Not making these payments could lead to a failure-to-deposit penalty of up to 15%. Payroll management software can help tremendously with this, and most of the major options integrate with leading accounting software apps like QuickBooks and Xero.

The essential bookkeeping checklist for small businesses

Find out how you can post your next job with Monster for free today. Complies with federal, state, and local legal requirements by studying requirements; enforcing adherence to requirements; filing reports; advising management on needed actions. Scheduling a financial consultation of your business. Start on your budget and forecast early in the fourth quarter of each year. You should work on and finalize your budget and forecast for the upcoming year before year-end. I good idea is to close out November as early as possible and then schedule a tax review with our CPA in early December of each year.


Entering inventory into your system the same day you receive it keeps your system current, giving you a more accurate look at your stock. If you don’t do this, your staff may lose sales by telling customers you’re out of stock when an item just hasn’t been entered into the system. Also, if your staff sells out of an item, reordering may be delayed if your system isn’t set up to allow negative inventory counts. By following these simple tips, your clients’ payroll records will always be accurate and up to date. Completing this daily task allows you to build a good relationship with the bank and establish a paper trail in case any questions arise about a company’s finances.


Therefore, let’s further read what experts say about bookkeeping tasks that need to be performed daily, either by your in-house bookkeeper or partner bookkeeping firm. We’ll ask you a few short questions about your business and your very own dedicated bookkeeping team will handle all your bookkeeping and tax preparation needs for you! Within a few clicks, you’ll be able to start simplifying your small business bookkeeping task list in no time. Be sure to have a statement in place that shows your current cash flow and expected cash payments & cash receipts. Make sure you have enough money reserved to pay employees, bills, and vendors in the coming weeks and months. Determine what bills are due next and lay out a plan for paying them.

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Fixed-rate pricing is so much easier than an hourly rate, and this is a prime example of how it can benefit you as a bookkeeper. You know how much to charge, and your client knows what to expect. I also just discovered this place with nice, helpful graphs for your client. I learned this from taking my QuickBooks Online recertification. If you are in QuickBooks and go to the left side to “overview” and then go to “business performance,” there are about ten graphs that you and your client may find really helpful.

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