If you break bookkeeping down into small and scheduled tasks, then it’s simple to stay on top of things. We suggest setting calendar reminders for yourself and your staff. Here’s how we suggest breaking down your bookkeeping tasks. At the end of this article there’s a link to import task dates into your calendar.
These recommendations are geared for a service-based business that sends invoices and proposals.
Bi-Monthly Bookkeeping Tasks
We suggest bi-monthly tasks to be done on Friday afternoons or Monday mornings.
- Follow up with unpaid customer invoices.
- Follow up with unaccepted proposals.
- Deposit check payments at the bank.
- Apply customer deposits to invoices.
- Run payroll. (We suggest SurePayroll.com.)
- Categorize expenses.
Monthly Bookkeeping Tasks
Choose one or two days a month to complete these tasks
- Send checks to vendors.
- Make sure you properly documented new vendors (Form W-9, etc.) We recommend using RightSignature.com for collecting W-9 forms.
- Reconciliation your bank and credit card accounts. Not only does this make you keep a close eye on cash, you can catch fraud faster. A lot of banks have a time limit when you have to report fraudulent transactions or you’re on the hook for it.
- Send your General Ledger to accountant so they can review your categorizations.
- Look at your spending. Try to find places to cut back (be honest with yourself).
Quarterly Bookkeeping Tasks
Choose one or two days at the very beginning of each quarter to complete these tasks for the previous quarter.
- Prepare quarterly reports for your accountant, this helps them with tax planning.
- Balance Sheet Report
- Income Statement (Profit and Loss Statement)
- Accounts Receivable Report
- Accounts Payable Reports
- If applicable, prepare estimated taxes.
- If applicable, ensure payroll tax returns are filed and taxes paid
- Send payroll tax returns to your accountant, especially if you’re an S-Corp.
Awesome Download: Here’s a csv file of calendar dates for 2013 and 2014, you can import this directly into iCal or Google Calendar. Download this calendar file. Here’s gcal instructions to upload the csv.
This article wouldn’t be as awesome if if wasn’t for the suggestions from accountants we love. Mike Carney CPA and Kevin McCoy CPA. If you need a great accountant talk to these guys, they know your business needs.