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Monthly Bookkeeping Tasks Simplified

Managing your business finances can be overwhelming, but breaking it down into smaller, manageable tasks can make all the difference.

Here’s a quick guide to the essential bookkeeping tasks you should tackle monthly to keep everything running smoothly and your finances in check:

Make sure all your business transactions, including sales, expenses, and other activities, are accurately recorded. Keeping things up to date prevents errors down the line.
Reconcile your bank accounts regularly to catch any discrepancies or unauthorized transactions. Compare your bank statements with your own records to make sure everything matches.
Stay on top of who owes you money and what you owe. Send out invoices promptly and follow up on overdue payments while also making sure to pay your bills on time.
Check your cash flow to ensure you have enough funds for upcoming expenses. This will help you make smarter spending and investment decisions.
Organize and file all receipts, invoices, and financial documents. Having them in order will save you time during tax season or when you need to pull up information.
Run monthly reports like profit and loss statements, balance sheets, and cash flow statements to get a snapshot of your business's financial health.

Staying on top of these monthly tasks will help keep your finances organized and make it easier to make informed business decisions.

If you need help or just want to make sure your bookkeeping is in tip-top shape, we’re here for you!

What Can You Automate in Your Business Finances?

Running a business is a lot of work, but there are ways to make things easier! One of the best ways to save time and reduce stress is by automating parts of your business finances. Here are a few things you can automate:

Invoices – Set up recurring invoices for regular clients.
Bill Payments – Set up automatic payments for regular bills and subscriptions.
Transfer Money Between Accounts – Set up automatic transfers to move funds between business and savings accounts.
Payroll – Automate payroll processing, so employees get paid on time every time.
Credit Card Payments – Automate credit card bill payments to avoid late fees.
Expense Approval Workflows – Set up automatic approval for regular expenses to speed up decision-making.
Recurring Subscriptions – Automate the tracking and renewal of subscriptions to avoid unexpected charges.
Loan Payments – Set up automatic payments for business loans to ensure you’re always on time.
Big Spend Alerts – Automate alerts for large transactions or unusual spending to keep an eye on your money.
Tax Reminders – Set up automated reminders for upcoming tax deadlines and filing dates.
Cash Flow Reviews – Set up reminders to regularly review your cash flow and budget, ensuring you stay on track.
Recurring Expenses Review – Set up a reminder to review recurring expenses periodically, ensuring they’re still necessary and accurate.

Automation helps keep things organized, reduces errors, and gives you more time to focus on what really matters! Need help keeping an eye on the details of your finances? That’s what we’re here for! We’ll keep you organized and informed and ensure you have clarity in your numbers.

Should You Void or Delete Transactions in QuickBooks?

When managing your transactions in QuickBooks (or any accounting software), it’s important to understand whether to void or delete a transaction. The right choice can help you maintain accurate records and avoid potential issues down the line. Here's a breakdown:

Void a Transaction:
- Use this when you’ve made a mistake but want to keep a record of the transaction in your system.
- Voiding keeps the transaction visible but resets its value, which ensures your financial reports stay balanced.
- Voiding maintains an accurate audit trail, which is crucial for taxes or if you ever need to review past activity. It also helps prevent discrepancies in your accounting.
- Voiding a transaction when you should delete it could leave unnecessary records in your system, cluttering your reports and making it harder to get an accurate financial picture.
Delete a Transaction:
- Deleting should be done when the transaction is completely incorrect or unnecessary (like entering a duplicate).
- Deleting a transaction removes it from your records entirely, which could affect your financial reports and balances if done incorrectly.
- If you delete a transaction that should have been voided, you might lose valuable historical data, which can affect future financial decisions or tax filings.

Examples:

If you manually entered a bank transaction and the bank feed imported the same one, you can delete the duplicate to ensure you don’t count it twice in your records
If you mistakenly enter a duplicate payment for a bill, you can delete the duplicate payment to avoid counting it twice in your reports.
If you issue an invoice to a client but later realize you made a mistake on the pricing, you can void the invoice to remove the wrong amount.

Spending too much time figuring out QuickBooks and bookkeeping when you should be growing your business and focusing on your clients? Let us help! We can take care of your finances so you can focus on what matters most!

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