We are almost halfway through the year. How are you doing with your bookkeeping? If you are behind, grab a cup of coffee, set aside a few hours, and use these simple tricks to get caught up. I know it can be daunting, but keeping your financial records accurate and up-to-date is important.
- Gather all necessary information: Collect your financial records, including bank statements, invoices, receipts, and bills.
- Organize your documents: Sort your records chronologically and categorize them into relevant categories, such as “Income” or “Expenses.” Read more about receipt organization here.
- Enter past transactions: Enter all past transactions into your bookkeeping system, starting with the oldest transactions and working your way forward. If you are using accounting software, there are ways to automate this.
- Reconcile your records: Reconcile your bookkeeping records with your bank statements to ensure accuracy. (If you do not have a separate bank account for your business, add that to your to-do list. It is a must!)
- Clean up your books: Review and correct any errors or discrepancies in your bookkeeping records. Not sure what to look for? Check out my blog, Check Yourself.
- Review your numbers: Are you reaching your goals? What areas of your business need improvement or tweaking?
- Stay current: Make a plan to stay current with your bookkeeping going forward, whether setting aside time each week to record transactions or hiring a bookkeeper to handle it for you.
Now, enjoy your weekend! (If you are doing this on the weekend, it may be time to hire a bookkeeper.)
