Continuous bookkeeping is an accounting commandment you cannot afford to overlook. To ensure you are on the right track for achieving your financial goals, you must keep a track of the cash flowing in and going out of your business. Maintaining books regularly helps you keep an eye on the present while preparing for the future. To help you stay on top of your game, we have compiled a list of a few monthly tasks that your bookkeeping team needs to perform without fail. Take a look.
1. Prepare and send invoices
To avoid last minute confusion and hassles, instruct your bookkeeping team to prepare and send invoices regularly. Invoices related to services availed in a particular month must be sent to the client in that month itself. Sending invoices regularly helps clients verify the transaction in a timely fashion, and they are able to pay as soon as the billing cycle ends.
2. Compile vendor bills and payment records
We may be living in the digital age, however, when it comes to running a business, you still need to maintain paperwork. To ensure every transaction can be traced, your bookkeeping team must compile physical paper copies of vendor bills on a regular basis. The bills must be filed neatly in files. To ensure they are easy to find, file them in alphabetical order. If it is difficult for you to remember who sends e-bills, and the clients from whom you receive paper copies, print out e-bills.
3. Record customer billings and payments
Record invoices and billing statements that you send to your customers. To avoid confusions, update the payment status regularly. Keep a track of payments that you receive from your customers. If you are using an accounting software, update it regularly. Recording transactions in a timely manner gives you enough time to verify and dispute them, if required.
These are some bookkeeping tasks that you must perform every month. Make sure your bookkeeping team updates payroll file, and reviews cash flow forecasts every month. Performing these tasks can eat up invaluable man-hours. Why do everything yourself when you can outsource the process? For years, our team at Virtual Jeannie Bookkeeping Services Inc. has helped several businesses streamline their bookkeeping process, no reason why we cannot do that for you. We offer superior virtual bookkeeping services in Santa Rosa. Irrespective of your industry, we can help. To learn more about our services, call at 707-664-1425. Have a message for us? Fill out our contact form.