This article explains our recommended daily, weekly, and monthly bookkeeping tasks, with downloadable checklists included!
Are you aware of the tasks that bookkeepers can complete on a daily, weekly, and monthly basis? While this may seem like information that you don’t need or want to know, it may interest you to hear that you can save substantial costs by having a bookkeeper completing these tasks regularly rather than an accountant. Now, this is not to discount the importance of having a knowledgeable accountant as well to perform their important financial duties – every member of the team counts!
Bookkeepers will work very closely with your accountant, as they will need to provide the essential information that accounting requires. So, to prevent causing the accountants (and yourself!) a headache every quarter and year end, we can help assure that the bookkeepers are keeping everything organized and maintaining the necessary financial records. Let’s take a look at what types of tasks are recommended for bookkeepers on a daily, weekly, and monthly basis.
For a more in-depth look into the differences between Bookkeeping and Accounting, check out our article Accounting vs. Bookkeeping – What’s the Difference?
Daily bookkeeping tasks generally involve keeping up with the day-to-day transactions resulting from business activities, as well as keeping your books and financial records organized. All payment information should be recorded as soon as possible, along with any invoices from suppliers to ensure payments are made on time. The creation and sending frequency of invoices can depend on the volume and speed of your business operations. Remember, the sooner you send out the bill, the sooner you can get paid! As cashflow is a very important aspect of daily business operations, it is also recommended that your bookkeeper regularly assesses your cash flow report.
Weekly bookkeeping items are all about catching potential problems and ensuring the information entered is accurate. This usually begins with ensuring all of the daily tasks have been completed for the week and adjusting any information as needed. It is important that the daily transactions are accurate and up to date as they provide the real-time information about how your business is doing. It is also a great idea to catch-up weekly on any filing that wasn’t completed daily. Accounts Payable and Receivable reports are recommended to be pulled weekly as well to ensure you are aware of what money is still expected to come in from clients, what is overdue, and what payments need to be made to your suppliers and vendors.
Monthly bookkeeping tasks are usually centred around reconciliation. Reconciliation is a process that involves comparing two sets of records to check that they are accurate and reflect each other, and also confirming that accounts in the general ledger are consistent, accurate, and complete. It is recommended that the bookkeeper reconcile the Credit Card and Bank statements at least once a month to ensure all transactions have been recorded accurately; this is also a good opportunity to catch any financial details that may have been missed throughout the month.
Monthly statements should also be sent out to clients detailing their purchases, payments, and any outstanding invoices. For outstanding invoices, any that are overdue can be assessed for late fees or any interest charges your company may apply depending on your payment terms. If the bookkeeper needs to maintain inventory within the accounting software, monthly audits are recommended to stay on top of any inventory requirements.
Bookkeeping Tasks for Success
There are many tasks that a bookkeeper can complete within your business to help lower accounting costs, while also supporting the success of your business! Bookkeepers truly are an asset and investment for a company, and a proper bookkeeper should bring balance to a business. By constructing habits with regular daily, weekly, and monthly responsibilities, your bookkeeper will be on the right track for maintaining detailed and organized financial records.
For a detailed list of bookkeeping tasks, download our three page Bookkeeping Checklist!