In this article we will be looking at a list of 5 Essential Accounting Tasks for Small Businesses and Freelancers.
As a small business owner there are just basic accounting tasks that can not be ignored in any business. Many small businesses prefer hiring a bookkeeper to perform most of these tasks but this does not mean you have been relieved of your accounting duties.
Having in mind that a business is a full-time job, the aspect of accounting is a very essential part in the growth of any business.
Here is a list of a few Accounting Tasks you should know about and be doing every week.
1. Record all Expenses & Transactions
It is advisable to always record all your business expenses and transactions although bookkeeping for small businesses can be difficult to understand. Bookkeeping is all about having records of the financial transactions and information of your business.
The advantage of keeping records is that it helps ensure financial transactions are correct, up-to-date and comprehensive.
2. Balance Business Checkbook
Another thing you will want to do is make sure your transaction entries are correct each month. As a small business this is part of those little tasks that should be taken seriously to ensure that you are working with the correct cash position.
3. Check Cash-flow Position
4. Prepare & File Taxes on-time
5. Send out Invoice as Soon as Possible
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