As a business owner time can often be your most limited resource, so don’t let your bookkeeping fall behind and create more work for you in the long run. When your financial records fall behind, it can take you longer to process your receipts, bank transactions, income, and bills because you may not remember the details of each transaction.
There are tools available to you that can integrate with QuickBooks and help you to keep on top of your data input. There are receipt capture tools such as Expensify, Tallie, and AutoEntry. There are also time tracking tools such as T-Sheets, Jobber, and ClockShark. QuickBooks mobile app also allows for full access to your financial records from anywhere. The amount of technology available is almost limitless, so there are fewer reasons to put off until tomorrow what you can easily accomplish today.
Your company’s bookkeeping records do more than provide information for your tax return; they are a valuable tool that can tell you at-a-glance what is happening with your business.
What bookkeeping tasks should be kept up with? Although every business is unique, there are some fundamental bookkeeping tasks that can be done regularly to ease the burden.
· Record daily sales transactions
· Enter receipts, so they don’t build up and become cumbersome
· Record Time and Mileage, which can be easily done with the QuickBooks mobile app or the multitude of other apps that integrate with QuickBooks
· Record payments against invoices to keep your Accounts Receivable current
· Enter bills from Vendors to keep your Accounts Payable accurate and ensure bills are paid on time
· Bank, credit card, and loan reconciliations
· Bill paying
· Record payroll data, if you are not using a service that automatically integrates with QuickBooks
Despite having these tips and all of the tools available to you, you may still find that you’re too busy to keep your company’s bookkeeping up-to-date. Let our RAD team help you with your monthly financial reconciliations, bill pay, payroll journal entries, and quarterly payroll reconciliation. We can also send you monthly financial statements, so you can stay on top of what is happening with your business. Don’t let your bookkeeping be a second thought – the tools you need are available and we are here to help if you need us!
Written by Lori Pavich, Bookkeeper, RAD