Month-End Bookkeeping Tips for Small Businesses

As we approach the end of another month, it’s time to ensure your books are in tip-top shape. Here are some valuable month-end bookkeeping tips to keep everything in order.

1. Reconcile Bank Statements.

Start by reconciling your bank statements. Ensure all transactions match between your records and your bank statement. This will help identify any discrepancies or errors.

2. Review Outstanding Invoices.

Go through your accounts receivable and follow up on any outstanding invoices. This is crucial for maintaining cash flow and reducing bad debts.

3. Record Accruals and Prepayments.

Ensure you record any accruals or prepayments for expenses or income. This will provide a more accurate picture of your financial health.

4. Double-Check Tax Obligations.

Verify that you’re up-to-date with tax payments and obligations. Late fees and penalties can add up, so it’s best to stay on top of them.

5. Create Financial Reports.

Generate key financial reports, like your profit and loss statement and balance sheet. These reports offer insights into your business’s financial performance.

6. Plan for Next Month.

Use the end of the month to set financial goals for the upcoming month. This will help you stay proactive in managing your business finances.

Remember, good bookkeeping is not just about compliance; it’s also a powerful tool for decision-making and growth. Don’t hesitate to reach out if you need any assistance with managing your business finances.

End of Summer Bookkeeping Tips

It’s that time of year again, almost the end of summer, where school is about to start up and suddenly everyone’s schedules have changed and everything seems to be moving a million miles a minute. Now’s the time to get back into the swing of things!

Here are several tips (both personal and business) on how to keep from falling out of line this fall:

  • Put money aside in an emergency fund or savings account. This can come in handy for unexpected or unaccounted for expenses that could come up in the rush of things.
  • Organize your papers and receipts. This will help you in the future when it’s closer to tax season as well.
  • Try tracking your budget. Find out where all of your extra cash is going!
  • Communicate with your employees. Are their schedules or needs changing at this time of year at all? The new season is also a good time to go over employee reviews, gain feedback, introduce any changes, talk about policies, etc.
  • Continue networking. Attend networking events. Build relationships with neighboring businesses.
  • Check your finances. See if you need all of the subscriptions that you’re a part of, and double check your taxes and deductions, etc.

Looking for help with your business bookkeeping? We’ve been working with small business owners to free up more time, get more bookkeeping clarity, and create more cash flow in their businesses. Ready to learn more? Book a call to get started!

Summer Bookkeeping Tips: Stay Organized Amidst the Sunny Season

Summer is in full swing. The first thing most business owners avoid when the weather improves is generally the tedious things. Like staying on top of your bookkeeping and financials. But as the summer sun shines bright, it’s important to keep your business’s financial records just as radiant. So, we’ve put together some helpful tips to ensure your bookkeeping stays on track during the sunny season.

Streamline your expense tracking

Whether it’s business trips, conferences, team outings, or summer promotions, make sure to accurately record all expenses and keep receipts organized. This will simplify your bookkeeping process and make tax time a breeze.

Embrace cloud-based bookkeeping

Take advantage of cloud-based accounting software like QuickBooks Online, which enables you to access your financial data securely from anywhere. This flexibility allows you to enjoy your summer adventures while staying connected to your business’s financial health.

Review your budget

Summer often brings unique business opportunities and challenges. Take time to reassess your budget and adjust your financial goals for the upcoming months. Ensure you allocate resources strategically to make the most of the season’s potential.

Stay on top of invoicing

Don’t let delayed payments disrupt your summer flow. Send out invoices promptly and follow up with any overdue payments. Maintaining a healthy cash flow is crucial for a successful season.

Remember, even during the summer, your business’s financial well-being deserves attention. Implement these tips to maintain smooth bookkeeping practices and enjoy a stress-free summer.

If you don’t want to handle any of your bookkeeping over the summer, then a great option is to hire us to do it for you! Then you really can have your cake and eat it too. Get in touch with us today.