There’s a dramatic rise in the use of bookkeeping and accountingservices Orange County. Bookkeeping together withfinancial accounting records are critical for any business tosucceed. Even large organizations and corporations have failed as aresult of disorganized accounting habits, thus small businesses mustensure that they remain on top of their accounting chores everysingle week. This article brings you the four accounting tasks youshould make sure that you complete every week.
1. Bank account reconciliations
A correct reconciliation of your bank account is truly crucialbecause it is what confirms that you actually have the cash you arethinking you have – which is, obviously, essential for allbusinesses. Owners of SMBs might make the mistake of delaying thereconciliation of their accounts till such a time that they receivetheir bank statements and these are mailed just once monthly. A monthis too long a time to wait in between reconciliations. This isbecause a lot could occur in four weeks. Rather, make sure that yourcash accounts are reconciled once every week at the barest minimum.
2. Vendor payments
All businesses must create a system for documenting vendor payment.This is as it’s quite crucial for debts-tracking and creating anexcellent credit history with vendors. You probably have varyingpayment terms for every vendor, so it is virtually impossible to payyour bills just one time in a month says an expert from one of theforemost firms offering bookkeeping servicesin Orange County. If you pay bills only at the start ofthe month and are given a ‘due on receipt’ invoice, the vendorcould freeze your account or even cancel your service completely.Ensure that you make vendor payments once every week, and you shouldalso ensure that all your bills are paid on time.
3. Customer receipts
Apart from vendors, it is quite critical that you should keepcustomers happy. This is the reason why it is crucial to record allyour customer receipts in a manner that’s timely. This is becauseyou do not want to ever give, your customers a ‘past due’ notice.The recording of customer receipts could even be done daily if youhave the time to do it, but just once every week is also enough. Justmake sure that you note the date on which you received the payment,rather than the current or postmark date.
4. Transaction entries
Customer receipts and vendor payments are significant components ofyour transactions. But, your business will most probably have otherstoo. Common transactions that require being recorded on a weeklybasis include interest payments, auto-debits, as well as bank fees. Aprofessional bookkeeper will be capable of recording these prior tobank reconciliation so the process goes smoothly.
These are the four varying chores that every business owner mustundertake on a weekly basis according to the expert from the firmthat offers professional bookkeeping and accountingservices in Orange County. If you need any expertaccounting and bookkeeping services, you can always contact theseprofessionals. They have years of experience and expertise that isneeded to help in moving your business forward.
