As the year end approaches most business owners get tensed up thinking of getting their account books in order. Of course, it is important to keep up on your books, though you can do it bit by bit on a daily basis. Here is a complete checklist for virtual bookkeeping:
- Check the cash balance at hand
- Keep track of all incoming and outgoing payments
- Keep track of customer billings
- Track and record customer payments
- Update vendor bills and payment details
- Keep the payroll file updated
- Disburse vendor payments
- Make out invoices and send them out
- Keep track of the forecasted cash flow
- Balance your checkbook
- Keep track of overdue receivables
- Keep track of all inventories
- Monitor and review payroll
- Fulfill payroll tax dues
- Analyze profit & loss when compared to previous years
- Analyze month end balance sheet
Check the cash position
A daily task that you need to carry out is to check the bank balance of the business and learn how much cash you have at hand. This is an essential part of accounting and bookkeeping. If you do not keep track of the cash position you may be in for a nasty surprise when some unexpected expense crops up.
Keep track of all incoming and outgoing payments
Have your employees remind you of the expenses. Keeping track of all incoming and outgoing payments is very important for a business, lest receivables and payables pile up. If you find it difficult to do it on your own, you can always outsource it to some professional bookkeeping services company who can do it for you.
Making out invoices and sending them out
Sending out invoices promptly is a great help not just for your team, but will also keep your customers in the loop about how much exactly they owe. Once the service is carried out, the invoice has to be raised while the customers still remember the services rendered. This is the highlight of a professional accounting and bookkeeping company that knows how to keep track of customers on the clients’ behalf.
Apart from the above it is important to keep your accounting software updated along with the spreadsheets. Contact Infognana for more details about virtual accounting services.