Updated: Oct 1, 2021
I will be completely honest, bookkeeping isn't really that difficult. I love bookkeeping keeping track of my clients income and expenses. If you don't enjoy it and need time to do other tasks in your business, it is time to hire a bookkeeper! I want the best for you, so we aren't a good fit, hire another bookkeeper. I love helping mother entrepreneurs so if you feel like we would be a good fit reach out!
1. Accept Transactions
I suggest accepting transactions twice a month, that way it is fresh in your head and you know what you bought or what the income was from. I always accept the transactions from the 1st-15th but the 20th of each month for my clients. Then I accept the transactions for the 16th-the end of the month by the 5th of the following month.
Have a schedule, Set it in your phone or planner and know when your going to sit down and do your bookkeeping. If you find yourself not having the time to do your bookkeeping regularly it is time to hire a bookkeeper like myself.
If you wonder what account the transactions should go into use the Schedule C as your guide.
3. Reconcile your accounts
Reconcile your checking, savings accounts, credit cards, loans, and other accounts monthly.
4. After reconciling review your financial reports
Monthly review your Profit and Loss and your Balance Sheet. Other reports are helpful to and I suggest looking at your accounting system and seeing if there is other reports that you find helpful as well.