As a small business owner or a solopreneur, it is important to keep a good set of financial records by adhering to a committed bookkeeping tasks schedule. However, this important task often gets pushed to the bottom of the list. There are simply too many other pressing issues to resolve, not enough time in the day to look at the bookkeeping. But to succeed in business, you need to understand where money is coming from and where it is going.
Types of Tasks
Below is a list of general bookkeeping tasks that should be performed weekly. It is not important that the small business owner perform these tasks but rather that someone does. If you have a part-time employee, you can assign some or all the below tasks to them. You can further break down the list to accounts receivable and accounts payable among two employees. A Virtual Assistant is also a good option as well.
- Send invoice to customers
- Record customer payments
- Record credit card charges
- Deposit customer payments in the bank
- Enter vendor bills received
- Issue checks to pay vendors
There are some monthly tasks. If your employee is qualified, they can perform the monthly bank reconciliations of the bank and credit card accounts. However, to close the books for the month and generating the monthly financial statements, it might be best to do this yourself or have your accountant review the books. A smart business owner should review their financial books monthly.
To ensure your business success, it would be smart to follow the above bookkeeping tasks schedule. If you don’t have the manpower or bandwidth, consider hiring a Virtual Assistant. According to B2B, Virtual bookkeeping is highly convenient for both employers and bookkeepers since it creates huge flexibility. It also allows businesses to reduce their accounting costs as they can keep a balance in staffing and arranging workloads.
Monmouth Virtual Solutions offers bookkeeping services to small businesses and solopreneurs. Contact us at MonVirtualSolutions@gmail.com for a free 15-minute consultation.
