The purpose of a business is to make money; therefore, it is a good idea to create a schedule for all monthly and yearly expenses that will need to be taken care of. In addition, these bills also include payments made each month for services rendered. Quickly, many individuals who own a business realize that running a business requires more than growing your customer base, increasing sales, and manufacturing products or services. Instead, they also realize that running a business involves managing the day-to-day aspects of running a business, such as maintaining accounts receivables. Here, we explore eight of the most critical accounting activities here to create a weekly bookkeeping schedule tailored specifically for your company.
Managing a bank statement is perhaps the most crucial activity to accomplish in any business. A bank statement is an accounting record of each transaction you have taken out; it details the total amount of your payment to the customer, the date of purchase, and the amount paid out to the employee. It also details what you were charged for the services rendered by the employee. However, the bank statement is not just a simple ledger with transactions marked on each sheet. It is actually an electronic document containing many financial accounting details. A good business can benefit greatly from a reliable accounting program, which allows the person who maintains the account to enter financial information in the best way possible to ensure accuracy and to provide all transactions to be processed by other financial institutions and/or creditors.
For those businesses that are less familiar with financial transactions, keeping records of bank statements are the first step in keeping all of your important financial documents organized. A good accounting program keeps the financial information for your company’s use and helps to keep track of various financial transactions through an electronic format. Many businesses use these types of programs to help maintain the financial records that support their financial reports sent out to creditors, financial institutions, insurance companies, investors, and other businesses.
Another important activity is keeping track of your credit card bills. Credit cards, like most debit and credit cards, can be used in a variety of ways – for purchasing items or services – but they can also be used improperly, such as to pay for things that were not done. With improper credit card usage comes bad debt and unpaid credit card balances. Your monthly financial records will help your financial institutions to properly track the charges and allow them to determine if you have defaulted on credit card payments.
Keeping track of accounts receivable is important to keep track of all of your customers and clients that come into your office. Accounts receivables are simply the money that is owed by your customers to you; this includes items that have been purchased for your business (and subsequently paid for with your own money). All of your clients are not obligated to pay your invoice; however, the amounts owed to you will tell the lender how much business you do and don’t earn. If you are having difficulty with keeping track of your accounts receivables, it may be necessary to hire a professional to handle this task on a regular basis. An accountant is the type of individual who can maintain a detailed accounting record of your accounts receivable and keep track of all transactions that occur.
The last activity that is extremely important in keeping a daily or weekly bookkeeping schedule is the payment of taxes, payroll, taxes, or employee benefits. This activity is the most difficult to perform by the majority of people, as this task involves entering tax forms and government regulations. However, a business owner should hire a professional to manage this task on a regular basis to ensure that they have everything in order. This can be done on an annual, quarterly, or monthly basis. The accountant will keep track of taxes that you need to file and pay for, as well as other types of taxes that your employees have not paid.
