Last week’s post laid out a few accounting tasks businesses should manage daily. This week’s post will go over several weekly accounting tasks small businesses should stay on top of. Maintaining a schedule with your business accounting will keep your small business running smoothly. Being in the know about your business finances will allow you to make smart decisions that help you stay in business.
The best time to invoice clients is as soon as the work has been completed. Clients are more likely to pay for work that is fresh in their minds than work that was done a month ago. It might not be feasible to send invoices daily, but make sure to do it each week at a minimum. Waiting until the end of the month will result in fewer on-time payments. When it comes to invoices the rule of thumb is the sooner, the better.
One of the more surprising weekly accounting tasks is paying your vendors and suppliers. You might be thinking this should be a monthly task, but managing your payments each week will keep you on top of things. Schedule your payments and pay early to score early payment discounts and maintain a good relationship with your vendors and suppliers. This also helps the reputation of your business, which can make it easier to develop new business relationships.
Check Your Budget
Monitor your profits and losses each week, rather than each month. If you wait until the end of the month, you won’t notice overspending or any major problems until later. Keep an eye on this weekly to manage your budget more efficiently and catch any issues early so they can be dealt with.
Review Employee Timesheets
Paying your employees the right amount on time will go a long way to making sure they’re happy and productive. If your employee timesheets are synced up to your accounting software, this should be a quick and easy process. Going over these weekly is important for catching any errors and making sure everyone is paid correctly and promptly.
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.