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What Should a Monthly Bookkeeping Checklist Include?

What are the types of bookkeeping services

What Should a Monthly Bookkeeping Checklist Include?

Even if you repeat the same task over and over again, there is a chance that something might fall through the cracks. If you forget to add sugar to your morning coffee, no harm done. But if you make a mistake when handling or recording your business transactions, you may face costly far-reaching consequences which you want to avoid, especially if you are a novice in the business world. To prevent that from happening, you need to set up an elaborate action plan, and as many things, it starts with a checklist. 

An elaborate and clearly laid out monthly bookkeeping checklist with deadline reminders can help you overcome the challenge that comes with handling bookkeeping all by yourself. Depending on your preferences and schedule, you may be able to learn the ropes fairly quickly and with ease. Then again, bookkeeping can turn into a painstaking process, especially if you are strapped for time and down on energy as is, in which case delegating the task to an experienced provider of bookkeeping services in San Diego may be a much safer option.

What criteria should a bookkeeper meet?

To be able to manage your accounts and organize your business finances properly, your bookkeeper needs to meet the following set of criteria:

  • Be detail-oriented with the ability to see the bigger picture
  • Have excellent communication skills
  • Have a solid grasp of bookkeeping terms and tools/software
  • Have some basic understanding of your industry
  • Be committed to your business and responsible enough to follow through by keeping information up to date and keeping you in the loop

If you find a responsible bookkeeper early on, you will find it much easier to organize your time and coordinate your business process, as well as stay on top of things going forward. Many small business owners fall into the trap of losing their personal life to their business because they try and fail to manage every aspect of the business, bookkeeping and payroll included, all by themselves. Then they have to work long hours just to catch up on bookkeeping long after everyone else has left. 

But with a bookkeeper handling this aspect of your business, you will have time to relax and unwind on a full-day trip to Mission Point because you will have left work where it belongs.

What are the types of bookkeeping services?

Qualified bookkeepers perform a comprehensive scope of bookkeeping services:

  • Accounts Receivable/Payable
  • Sales / Purchase
  • Inventory
  • Bank Reconciliation
  • Payroll Processing
  • Tax Services

What are the types of bookkeeping accounts?

Simple or basic bookkeeping starts with the process of recording business transactions, but this is just the beginning. The end-result is a set of accounting records, the key prerequisite for an accurate accounting process which gives you insight into information about sales, costs and expenses, assets, liabilities and equity. 

Booking accounts come in all shapes and sizes, namely:

  • Cash
  • Inventory
  • Accounts Receivable
  • Sales
  • Accounts Payable
  • Loans Payable
  • Purchases
  • Payroll Expenses
  • Retained Earnings
  • Owners Equity

What should a monthly checklist for bookkeeping include?

A bookkeeper’s monthly checklist can be summed up as follows:

  • Reconciliation of bank accounts, cash and credit card statements
  • Review of accounts payable and accounts receivable reports
  • Review of the open vendor and open client deposit reports
  • Review of the Work in Progress report
  • Review of the balance sheet
  • Review of the income statement

Maximize profit with efficient bookkeeping services in San Diego

Building a strong, healthy and profitable business takes time and patience. It is a step-by-step process with many stepping stones to cross. What you need is an experienced bookkeeper who can meet your expectations and help you coordinate the process effectively and rise to any challenges that may arise along the way. 

We can provide you with a consistent standard of service month in, month out, and help you overcome obstacles and manage your finances in a streamlined manner after taking the time to get to know your business. We are also available for year-round tax consultation and preparation services. Set your business up for success. Contact us today and let’s seal the deal!