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Taking care of your daily accounting tasks will take a lot of pressure off later and keep you on top of your business’s finances.
For many small business owners, it might be tempting to push off accounting work for later. However, there are tasks that should be done daily, weekly, and monthly. Getting good accounting software and developing a routine will make these tasks easier to complete, so make sure to take care of these daily accounting tasks or you’ll end up buried under a mountain of work later.
Check Your Accounting Software
Log in to your accounting software every day to handle quick, daily tasks. Keep an eye on ingoing and outgoing funds, update any data if necessary, and make it a point to scan for errors. Getting your accounting software set up and synced will make daily check-ins a painless task that you can accomplish in mere minutes.
Reconcile Transactions
Don’t wait for your monthly statement to do this. Take time out of each day to match transactions with your bank and credit card statements. If you do it each day, it will be a much quicker process than if you leave it until the end of the month and have a mountain of transactions to sort through.
Make a Deposit
Keep your revenue safe by depositing it at the end of each day. Cash should be deposited at your bank while checks can usually be cashed electronically through your bank’s app. This should only take a few minutes and it will give you peace of mind.
Update Inventory
Monitor your inventory every day to keep up with your stocking needs. Be sure to update the numbers so you know what has just come back in stock and what you’re running low on. Managing this carefully will help you avoid going out of stock on critical items or re-ordering stock that has recently been delivered.
Trust the Professionals at the Harding Group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for consultations and strive for open communication with our clients.
Are you interested in business advising, tax preparation, bookkeeping and accounting, payroll services, training + support for QuickBooks, or retirement planning? We have the necessary expertise and years of proven results to help.
We gladly serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of tax time, contact us online or give us a call at (410) 573-9991 for a free consultation. Follow us on Facebook, Twitter, YouTube, and LinkedIn for more tax tips.