Weekly accounting checklist small business must tick to ensure smooth operation

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Yay! It’s Friday. But before we all jump on the leisure and lounging the weekend offers ( which actually isn’t the case for entrepreneurs), here are some accounting tips you need to do to ensure you keep your house business in order.

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The all-important task of keeping your business afloat demands that you pay close attention to your finances, and it leaves no room for forgetfulness. But when you wear multiple hats in your business, you can be so busy that you simply do not remember to manage your account properly. If you’re that sort of entrepreneur, this short weekly checklist will help you stay on top of your accounting duties.

1. Check your cash position.

Know how much cash you have at the moment and project how much you will receive and spend in the following week.

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2. Keep track of your transactions.

Document every business transaction in a spreadsheet or with an accounting app.

3. Pay vendors.

Your relationships with your vendors are important. Stay in their good books by paying them on time.

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4. Send invoices.

You need money to run your business, right? Prepare your invoices well ahead and send them to be sure your revenue stream is not held back by incompetence.

5. Save and sort invoices, receipts and payments.

It’s not enough to document transactions. Save physical or scanned copies of invoices, receipts and payments made in files or on your accounting app, arranging them in alphabetical order for easy access.

 

Do these every week and you can be rest assured the following week will be a smooth, and productive one.

It’s Friday! Have fun.

 

Editor’s Note : This post first appeared on MARGIN’S page.

Designed by Venia Business Hub, MARGIN delivers practical advice and resources to help Nigerian entrepreneurs build and maintain profitable businesses.

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