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Updated by Jinendra Shah on Jul 28, 2020
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Top 10 Bookkeeping Tips for Small Businesses

One major perk of having a professional handle your bookkeeping for small business is that you can keep a track of your expenses. When you are a small scale business owner, chances are that your workflow is pretty tight.

How to Do Bookkeeping for Small Business? - Rayvat Accounting

One major perk of having a professional handle your bookkeeping for small business is that you can keep a track of your expenses. When you are a small scale business owner, chances are that your workflow is pretty tight.

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How to do Monthly Bookkeeping Services?

How to do Monthly Bookkeeping Services?

Are you confident in the numbers you have within your business most business owners lack the confidence and their numbers they not sure if their sales are right if their expenses are right and they just don’t have the faith within their bookkeeping.

4 STEPS TO GET YOUR MONTHLY BOOKKEEPING

Bookkeeping tips and general business advice so that you can be a savvy business owner to grow your dream.

We follow each and every month to create and update and maintain online bookkeeping services these four steps are so important within your business because you need to know how much money you’ve made where your money is going and what the heck do you do with it.

1. Record

It is the most important you need to make sure your numbers are accurate that will determine all of your reporting all of your decisions if you have accurate numbers it will make life so much easier for you so what does it actually mean to record it means recording your transactions.

  • Adding Transactions
  • Coding Transactions
  • Creating Invoices and Sales Receipts
  • Entering Bills
  • Paying Contractors and Employees
  • Entering Paypal, Stripe, Square or other Payments ###
  • Reconcile

Reconciling simply means matching your transactions with what has actually occurred within your bank account on your credit card statement are within your PayPal activity.

  • Matching Transactions in Quickbooks online to your Bank Statements
  • Matching to your Paypal Report

3. Report

Most important step three is probably my most favorite because it tells you how you’re doing as a business it shows you the progress you’ve made over the past month or three months or a specific period of time so you’re going to run your monthly reports and the four reports you need to run are your profit and loss statement.

your balance sheet your cash flow statement and also your aging accounts receivable these reports are what you need to understand how your business is performing now the aging accounts receivable is even to show you all the number of open invoices and how much uncollected funds.

  • Running A Profit & Loss Statement
  • Running A Balance Sheet
  • Running A Cash Flow Statement
  • Creating an Aging Accounts Receivable Report

4. Review

This is the final step and it’s important because it’s going to make sure that your information is accurate.

so when you reconcile and you notice a duplicate transaction you need to take care of that or maybe if you’ve noticed that a transaction hasn’t been entered correctly or maybe you need to change.

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  • Remove any Duplicated Transactions
  • Review for Accurate Coding
  • Look Over Undeposited Funds

Those are the four steps and your bookkeeping checklist to make sure that each month you end on a high note and start the new month off on the right.

If you are looking for an Online Bookkeeping Services, Contact us here for a free quote.