#TipTuesday: Last Quarter

In any business, every transaction matters and so does keeping a record of them all year long. This will prove useful especially when it gets to the end of the year.  As we complete the last quarter of the year, here are some tips to help put or keep you on track in your business:

Keep Daily Records and Reconcile Bank Accounts Monthly

Double-check your bank accounts and daily records at least once a month. Reconcile your withdrawals and deposits in your account so that discrepancies can be spotted more easily.

Set Up a Specific Time Each Week to Go Over Your Books

Giving yourself at least half an hour every week to go over your finances and make sure everything is in order. This way you will have a broad overview of your business every week and everything will be organized when tax time rolls around

Check-In Monthly On Your Accounts Receivable

Having a client owe you money for services, especially at the end of the year, isn’t the same as having that money in your business account. Make sure you stay on top of your accounts receivable so that you are getting all the monthly payments you are owed. Without receivables, income dwindles.  Regularly running an accounts receivable report will help you stay on top of past payments that you are owed.

If you keep your records in check using these bookkeeping tips, you will be able to spend less time on business finances and more time on growing your business during the last quarter.

 

If you need assistance with maintaining your books for your business, connect with Bookkeeping Confidential. We are a full-service bookkeeping company that focuses on assisting small firms and businesses to actualize their growth potential through fast, accurate, and efficient service.