Keeping up with your bookkeeping is one of the most important responsibilities you have as a business owner. It’s not just about staying compliant or preparing for tax season—it’s about having real-time financial visibility so you can make informed, strategic decisions all year round.
But bookkeeping isn’t a once-a-year task. It requires weekly, monthly, and annual attention—each with specific priorities.
Let’s break down what you should be focusing on at each stage.
Cash flow is king—and you can’t get paid if you’re not invoicing. Whether it’s for a completed project, a deposit, or a prepayment, get your invoices out promptly each week.
Ensure incoming payments are deposited and recorded in your accounting system. If you wait months to figure out who paid what, you’ll lose track—and so will your clients.
Use tools like QuickBooks Online to categorize transactions as they come in. When bank feeds are fresh, it’s easier to allocate expenses correctly. Set it, forget it, and move on confidently.
Compare your bank statements with your accounting records to catch missing or duplicate transactions. This ensures completeness and accuracy.
Run your profit and loss statement and balance sheet each month. This will help you track cash flow, spot trends, and stay on top of key metrics.
Match expenses like payroll to the correct accounting period—even if the cash hasn’t been paid yet.
Enter bills into your system for the period they were incurred. For example, if you purchased office supplies on October 30 but won’t pay until November, that expense still belongs in October. This aligns with the matching principle, ensuring your financials reflect true profitability.
This includes year-end entries like amortization and interest adjustments. If your mortgage statement and your books don’t match, it likely means interest hasn’t been recorded properly.
Ensure your balance sheet items (e.g., loans, assets, liabilities) reconcile with your source documents—statements, contracts, and amortization schedules.
These annual cleanups prepare your financials for your accountant and ensure your tax filings are accurate.
Bookkeeping isn’t something you “get around to”—it’s a foundational part of running a sustainable, profitable business. When your books are accurate and up to date, you gain clarity, control, and confidence in your financial decisions.
Whether you need weekly support, monthly reviews, or annual clean-up before year-end, our team is here to help.