📅 Monthly Small Business Bookkeeping Tasks
✅ Prepare and send invoices
Stay on top of sending invoices as it is helpful for customers as well as for your team. You want to send out invoices while your services are still fresh in customers' minds. And, obviously, the sooner you send out invoices, the sooner you'll get paid.
✅ Record customer billings
Keep your spreadsheets or accounting software up to date. As soon as you send billing statements and invoices to customers, make a record of it where you can easily assess the status of customers' payment positions. It's common for small business owners to get distracted by other tasks of running a company, and you don't want to forget to send an invoice or send the same invoice twice.
✅ Record customer payments
This is actually quite fun, don't you think? It's nice to get paid. So make a note of it. Spreadsheets and accounting software all of a sudden become your favorite thing.
Save time with software that automates your bookkeeping tasks. Learn more here.
✅ File vendor bills and payment records
Call us old-school, but we like physical paper copies of all bills. File away everything where you can easily find it. Go alphabetical. We recommend printing out e-bills as well so that you can have everything in one place. You don't have to jump back and forth from the computer to the filing cabinet trying to remember who sends e-bills and who sends paper.
✅ Make vendor payments
Just as you record payments coming in, you'll have to record outgoing payments. Writing checks is probably every business owner's least favorite thing to do. It's hard to say goodbye to that hard-earned money. But you've still got to keep on top of your payments. We definitely believe that if you stay on top of your payments, your customers will do the same for you. Golden rule, right?
Learn more about creating payment schedules for your vendor here.
✅ Update payroll file
This one is a good sign--the fact that you have employees to pay means you're not running this business all on your own. You owe it to the people who help you most to keep on top of payroll. They show up for you, and make sure everything is running. Show up for them, and they'll continue to grow your business. Go team!
✅ Review cash flow forecast
This is what you're shooting for. You want to constantly have an idea of what your cash flow goals are. Remind yourself weekly, and make adjustments as necessary. We suggest you have a weekly, monthly, and annual cash flow projection. This enables you to have both an immediate and holistic view of your cash flow goals.
Get the FREE cash flow forecast Excel tool.
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