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Small Business Bookkeeping Checklist

Managing your small business’ finances can seem like choking down vegetables at the end of your meal: a chore. It doesn’t have to be. If you can set up a simple system to keep track of your finances, it will become part of a routine and will be less of a chore. The easiest way to do this, is to create a bookkeeping checklist to refer to throughout the week.

 

DAILY TASKS

-Check your cash position:

The first thing you do everyday, should be checking your accounts and petty cash, and know how much you have on hand.

 

WEEKLY TASKS

-Record Transactions:

Even the smallest transactions need to be recorded!

 

-Document and Store Receipts

 

-Review Unpaid Bills:

Keeping track of when bills are due, and how much they each are, will help you stay on top of them and never miss a payment again.

 

-Prepare and Send Invoices:

Make sure you get all invoices sent out in a timely manner. Having a day set aside to get them finished and sent is a great way to stay on top of them.

 

-Pay Vendors

 

-Review projected cash flow:

At the end of the week, review your finances and see where your calculations differed from reality. Try and pinpoint why there’s a difference, and adjust your budget, spending, and tasks for the next week accordingly.