5 Weekly Accounting Tasks You Need An Accountant For

5 Weekly Accounting Tasks You Need An Accountant For

Recording Transactions

It includes tracking every transaction, such as cash received from customers, billing them, paying vendors, and more in the accounting system every day or at the end of each week. While business owners with time can record these manually in spreadsheets, using accounting software like QuickBooks is better. An accountant easily outweighs the cost with benefits.

Filing Receipts and Documents

Keeping copies of cash receipts and invoices, including check and credit card deposits and cash, and cash payments like credit card statements is necessary. Accountants can create a vendors file in alphabetical order and prepare a payroll file by payroll date and monthly bank statements. Accounting software that allows scanning paper receipts can be advantageous.

Signing Checks and Paying Vendors Business accounting services include tracking accounts payable and earmarking funds to pay the suppliers in due time. It helps avoid incurring late fees while retaining helpful relationships with them. An accountant can keep invoice copies received and sent using software, whether physical checks in the mail or online payments. Possibly, extend payment dates to net 60 or 90.

Reviewing Unpaid Bills from Vendors Irrespective of its size, every company must maintain an Unpaid Vendors folder. Here, it can record payment due dates and amounts, and billing dates of every vendor. A company can leverage early payments any vendor offers if it has available cash.

Professional business accounting services include these reviews. It helps streamline business processes and increase efficiency.

Reviewing Projected Cash Flow New businesses usually face difficulties managing their cash flow in the initial stages.

Accountants can forecast the necessary cash for the upcoming weeks or months, helping reserve money for bill payments, including suppliers and employees. They achieve this by maintaining statements indicating expected cash receipts, current cash position, and expected cash payments during the coming week or month.

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