Bookkeeping For Every Day Of The Year
Feb 19, 2020
With The New Year Here It Is Time For Year-End Bookkeeping But It Is Also Time To Start Planning For The Entire Year.
The following are bookkeeping tasks that need to be taken care of no matter what time of the year it is:
- Monthly Bookkeeping – if not each day or each week! You need to track the money going in and out of your business. Paying vendors, tracking payments coming in…these tasks are the things that make your business move forward.
- Reconciling – this is one of the most crucial monthly bookkeeping tasks as it is the only way you know you have accounted for all of your activity. Once everything is reconciled, then it is time to go through the financial reporting and analysis because ..quite frankly….there is no point in doing all this bookkeeping if you are not going to use these reports to make business decisions.
- Budget, Planning, and Forecasting – This is a three-step process for determining and detailing your business long and short-term financial goals. You should work on finalizing the budget and forecasting all through the year but finalize by December for the next year.
- Understanding Your Bookkeeping Cycle Year-Round – the most critical part is that you understand what tasks to be doing at each point of the year.
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