Do you want to know what monthly bookkeeping tasks you need to do? Maybe you need a daily or weekly bookkeeping duties list. Well, we’ve put together this post of 15 monthly, weekly, and daily bookkeeping tasks for you! You can use it as your very own bookkeeping tasks checklist. Print it out, and add any items to it that you feel are missing.
Daily Bookkeeping Tasks
- Recording Bank Transactions
A bookkeeper must carefully record all the transactions that happen in a business. This is one of the rudimentary bookkeeping tasks they do. Their whole job is to basically keep accurate financial records and create accurate financial reports.
We put this as a daily task because it promotes accuracy. If they do it right away, they are less likely to forget or to misplace related documents. This also means that you can see up-to-date information anytime you want. Then you and they are also able to point out and correct any mistakes there might be before it gets out of hand or are forgotten. Your bookkeeper must also ensure that you have a clear audit trail at all times to prevent theft and fraud.
- Reconciling Transactions
Do you use accounting software that you connected to your bank account? Did you set it up to synchronize transactions at least once a day? This makes reconciliation easy. All your bookkeeper needs to do is look through and approve the correct suggested matches. Do this daily to avoid a confusing and stressful time at the end of the month.
If you do not yet have software for this, then you need a bookkeeper to manually reconcile transactions. Don’t wait for your monthly bank statement to be mailed to you. Instruct your bookkeeper to log into the online portal and look at the daily transactions. (First make sure they don’t have full access to your account. Set up 2-factor authentication, too.)
A daily exercise in reconciliation also helps you to spot errors more easily and in time to set things straight.
- Invoicing and Billing
When you bill clients on time, they are more likely to pay you on time. This is because they remember clearly what product or service you sold them. You will experience less confusion this way, too, and be able to clear up any discrepancies faster and more easily. If daily invoicing is too inefficient, make sure to do it at least once a week.
Check out the Due guide for some statistics on how to get paid on time.
- Expense Tracking
Part of daily bookkeeping tasks is preparing a revenue and expense account. This is based on different company departments’ revenue and expense data. The bookkeeper needs to gather this data and track it. The account helps bookkeepers to predict what your business’s revenue generation rates are. You can then better control expenses and manage your monetary resources before they get out of hand.
