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weekly and monthly accounting tasks

Weekly and Monthly Accounting Tasks for Small Business

Introduction

Bookkeeping duties on a weekly and monthly basis are crucial to the smooth operation of a small business. Nonetheless, a lot of accountants have trouble recalling what has to be done every week or month. Overseeing the large picture of managing a small business might make it simple to overlook tasks that must be completed the following week. A detailed weekly and monthly accounting checklist might be useful in this situation.

 

Weekly accounting tasks and assignments

The following weekly accounting chores can help you maintain accurate records, financial flows, and business operations:

  • Keep track of all the money you get; deposit cash and cheques.

Make sure you deposit any paper checks or cash payments you get on a weekly basis to keep your records current and your cash flow healthy.
If most of your accounts receivable are electronic payments and you have few paper checks, find out if your bank takes mobile deposits and what the daily, weekly, and monthly restrictions are. You may be able to avoid going to the bank by doing this.

  • Send bills to your clients.

Frequent billing encourages your clients to make on-time payments. Since the item or service, you supplied is still fresh in their thoughts, it is easier to discuss any problems with the bill now rather than in a month. If you wait to bill your clients, they will take longer to pay you.

  • Examine the timesheets of the staff.

At least once a week, you should proactively analyse timesheets to find any inconsistencies or behaviours that might be harmful to your company.
It will also assist you in monitoring payroll expenses so you may modify your labour mix and adhere to your budgetary constraints.
Unauthorised overtime compensation is another issue; even if you didn’t approve it, you can still be liable for paying for it if an employee puts in more than 40 hours a week. Weekly inspections can aid in the reduction of such circumstances.

Also Read: Important Bookkeeping Tips for Small Businesses

Monthly accounting tasks and assignments

Here are some things you should do every month to keep your accounts reliable and intact, as well as to save your records:

  • Pay suppliers, or arrange for the payment of invoices.

As soon as you receive your bills, make sure there are no errors. It’s also critical to understand the terms set out by your vendors. For example, schedule your payments in advance to take advantage of any early payment discounts your vendors may provide. If not, consider setting up payment reminders to guarantee that you avoid late fees by paying your payments on schedule.
If cash flow is a problem for your company, you may usually work out longer terms. Ideally, vendors should give customers 30 days to make payment.

  • Monitor deviations and budgets.

It’s easy to create budgets for various expenses, projects, and hobbies, but adhering to these spending plans can be difficult. The easiest strategy to reduce budget deviations is to look for these kinds of problems every month and take appropriate action.

  • Make a data backup.

If you don’t use cloud-based accounting software, be sure to manually backup your financial data at least once a month. You may relax knowing that your data is safe even in the case of a hardware failure or corrupted file system.
The ability to restore your data to a prior version in case you inadvertently erase something is one advantage of manually backing up your information. Furthermore, rather than making big changes, you might uncover errors that can be fixed more quickly by going back a few days and inputting the data again.
Automatic backups don’t allow you to revert to a prior version, but they do manage it.

Summary

Whether you run a small business with an office or are a lone owner, it’s critical to have your accounting and bookkeeping records up to date. By making the effort to correctly handle your books on a weekly and monthly basis, you may save late fines, increase the longevity of your company, and improve the quality of your business choices. It’s important to keep your accounting checklist in a visible location and to mark off your weekly and monthly accounting duties as you do them.

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