3 Weekly Bookkeeping Tasks You Can't Afford To Overlook

Despite a lack of accounting experience, many small business owners make the choice to do their own bookkeeping in order to help reduce overhead costs. Being able to create a schedule that allows you to stay on top of vital bookkeeping tasks is critical when it comes to ensuring the financial health of your company.

Here are three tasks that you should be doing each week in order to maintain more accurate financial records for your small company.

1. Prepare and send invoices.

If your company provides goods or services and then bills customers for these goods or services at a later date, it's vital that you stay on top of the invoicing process. Failing to send out invoices regularly means that your company will have limited cash flow coming in, which could have disastrous results.

Taking time to review the goods and services provided by your company on a weekly basis, then preparing to send out invoices requesting payment for these transactions can be a great bookkeeping habit to get into.

2. Log vendor payments.

In order to have an accurate picture of your company's financial health, you must log any outgoing payments that you make to vendors on a weekly basis. Overlooking this simple accounting task could cause you to believe you have more cash on-hand than you actually do, and you may find yourself overspending and creating a deficit.

Making sure that you set time aside each and every week to identify vendors that need to be paid, prepare checks, and then log these payments will ensure you stay on top of your financial obligations.

3. Update your payroll file.

If your small company hires employees to help fulfill business-related tasks, these employees will need to be paid. In order to prevent any payroll mishaps from compromising the financial health of your company, you should be setting aside time each week to review your payroll file.

Double check to be sure that the correct pay rate is saved for each employee, and delete any employees who no longer work for your company. Taking time out to complete these seemingly small tasks could prevent the stress associated with an inaccurate payroll in the future.

Doing your company's bookkeeping to help keep overhead costs low can be challenging. To make sure that you aren't compromising the financial health of your company, take time out each week to prepare invoices, log vendor payments, and update your company's payroll file. 

For more information, contact local professionals like Tax Specialists Of Northern Colorado LLC.