1. Reconcile Bank Statements:
Ensure that your records match the bank's statements, accounting for any discrepancies.
2. Record Income and Sales:
Log all income sources, including sales, services, and any other revenue streams.
3. Monitor Accounts Receivable:
Keep an eye on outstanding payments from customers to maintain a healthy cash flow.
4. Review Accounts Payable:
Check and update your records for bills, invoices, and other outstanding payments you owe.
5. Update Inventory Records:
Keep track of your inventory levels, making adjustments for sales, returns, and new purchases.
6. Track Expenses:
Record all business-related expenses, categorizing them for accurate analysis.
7. Calculate Payroll and Taxes:
Ensure timely payment of employee salaries and calculate the appropriate taxes to be withheld.
8. Reconcile Credit Card Statements:
Verify credit card transactions against your records, accounting for any discrepancies.
9. Evaluate Cash Flow:
Analyze your cash inflows and outflows to identify potential financial challenges.
10. Prepare Financial Statements:
Generate key financial documents like the income statement, balance sheet, and cash flow statement.