Click here to
Get an instant quote

Four essential daily accounting tasks

Staying on top of accounting tasks is very important for a business, as is knowing how much cash you have available. You need to make sure that you have enough money in your account to cover bills like wages and the purchase of materials. Here are four tasks that, if performed every day, can make your accounting much less of a headache:

Stay organised

When it comes to doing your accounts, you need to stay organised. It is important to have clear and easy to follow processes in place, and to do those tasks in a timely manner. Some accounting tasks need to be done daily, others on a weekly, monthly or annual basis.

Record transactions

It is important to keep track of how much money is going into your business account and how much is coming out. Doing so will help you to make that you keep your company bank account in the black, which ensures that you do not end up having to pay unnecessary overdraft fees.

The only way you can really keep track of your cash flow is to record each transaction, and do so every day. If you only do it intermittently, you can easily find yourself going into the red part way through the week.

Check your cash flow

It is also wise to check your cash flow on a daily basis. That way you can see trouble coming as early as possible and take the necessary steps to avoid the problem. The more time you give yourself the better your chances are of securing finance to take you through the bumpy period.

File daily

If you can, file any paper documents on a daily basis. It is far easier to file your receipts every day, or as they are handed to you, rather than try to go through a huge pile of them at the end of the week or month. Not to mention the fact that if you file as you go along you save time because you are only handling the document or receipt once instead of twice.

For most small or medium sized businesses, completing these tasks will only take around 30 minutes each day. Try to resist the temptation to skip doing them. It is all easy to get behind, and when that happens you can easily run into cash flow problems or forget something important and end up filing a false tax return. Keeping up to date accounts is vitally important, so you need to make doing so a priority.

Posted by Peter
April 30, 2016
Accounts

No Comments »

No comments yet.

RSS feed for comments on this post. TrackBack URL

Leave a comment