8 bookkeeping tasks you should do every week
As a business owner there is a lot to consider, and it’s easy to put off tasks that don’t seem important at the time. Allowing tasks such as bookkeeping to pile up can leave you vulnerable to cash shortages, late payments, and inventory disruptions.
Completing set bookkeeping tasks each week will help keep your business running effectively and allow you to catch problems and discrepancies early on.
Whether you have an in-house bookkeeper or are using an outsourced one (like us), or you do your own books, it is recommended that you complete these tasks weekly:
Review employee timesheets
Enter and pay bills
Scan documents and receipts
Invoice your customers
Review your inventory and stock levels
Reconcile bank accounts
Check on your budget
Categorise your transactions
1. Review employee timesheets
Payroll may be processed weekly, fortnightly or monthly. By reviewing employee timesheets at least once a week allows you to understand your prospective payroll liabilities and you’ll be able to catch any discrepancies early on and make adjustments much sooner.
2. Enter and pay bills
Bills for small businesses can pile up quickly between utilities, rent, and supplier invoices. Weekly transaction reconciliations will keep you updated with available funds of the business and prompt payment to suppliers will ensure you maintain a positive reputation with them.
3. Scan documents and receipts
Keep your accounting records and receipts secure. Scanning and transferring any paper records to a cloud-based storage system is the simplest way to achieve this and they will always be there when you need to refer back in the future.
Leaving this go for a few weeks or a month allows too much time for items to be misplaced.
If you don’t use a cloud-based system and save your records on a computer, it is important that you backup your hard drive at least once a week, if not daily.
4. Invoice your customers
Ideally, you want to be paid on time for the products/services you deliver to your customers. Timely invoicing your customers is good financial sense for you as a business owner and for your reputation with you customers, who would undoubtedly not appreciate a forgotten bill to pop up months later.
Any concerns or questions regarding the invoice is far better to discuss sooner rather than later while it’s fresh.
5. Review inventory and stock levels
Small businesses that sell products must keep track of their inventory flow and stock levels. A weekly assessment might help you identify when you need to order more products. Having up-to-date stock on hand ensures you don’t lose out on potential sales and is also beneficial for detecting theft.
6. Reconcile bank accounts
With the ease of internet banking, businesses can balance their bank accounts each week rather than waiting for a printed monthly bank statement to arrive. Weekly reconciliation allows you to quickly rectify any irregularities and detect fraud before it becomes a bigger problem.
7. Keep a check on your budget
It is so easy to go over budget, even if you’re careful with your money. It is important that you keep track of it regularly. If you have employees with business credit cards, overspending can rise out of hand much faster if they have authority to make purchases as they like.
Comparing your month-to-date profit and loss statement with your business budget can help you make wise decisions and avoid the shock of a reduced bottom line at month’s end.
8. Categorise transactions
Knowing where your money is being spent is essential to budgeting. Organising each expense into categories is an excellent approach to keeping track of your spending. The type and number of categories you need is largely determined by the kind of business and its requirements such as Cost of sales, Payroll, Employee benefits, Equipment, Utilities, Rent or mortgage payments, Travel and Insurance.
Weekly transaction categorisation will help maintain accurate records and highlight any problems or red flags.
Keeping track of your finances is challenging for many small business owners, but these weekly tasks will help you stay on top of your business finances and maintain good financial health. By giving attention to these accounting duties, you can ensure that your bookkeeping is accurate, and compete in a timely manner.
How can we help?
Small business owners are naturally busy working in the business that you often have little time to pay attention to records or where your money is going.
Hiring an outsourced bookkeeper can save you a lot of time and keep your records in tip-top shape for tax preparation.
We can monitor patterns and address problems before they become problematic and provide you with peace of mind.