Daily Bookkeeping Tasks

Updated: Oct 16, 2019




DISCLAIMER: I am a CPA, but I am not your CPA. The information in this article is for informational purposes only and is not tax or legal advice, nor can be relied upon as such. The author is not liable for any losses related to actions or failure to act related to the content of this article. If you need specific tax advice consult with a CPA who specializes in your subject matter and taxing jurisdiction.



Ever wonder what you should be doing each day to ensure the financials of your business are organized and in order? Well I have just the checklist you need and it’s a FREE PRINTABLE!


Don’t worry, the checklist won’t take you long to complete. I promise you it won’t take half your day, or even an hour of your day. This daily routine can be accomplished in 30 minutes or less and it will keep the financial side of your business in tip top shape.


The Inbox

At my house the inbox is called the junk box. This is a wooden box I put in a high-traffic area of my house. Everything goes into the junk box. Mail, receipts, checks, papers to sign, kids’ art projects, you name it and it goes into the junk box. Now here is the #1 rule about the junk box. You need to empty it daily.


Dumping everything into an inbox will be a disaster if you just let it pile up with the hopes of tackling it in one long marathon sort session. No one wants to spend that much time in one sitting going through papers. Not only that, but you run the risk of important items getting missed.




Sort Session

Now that you have all of your papers in your Inbox you will begin your Daily Bookkeeping Checklist by sorting through everything. I love using tray sorters to help keep me organized for this task.


Begin the sort session by opening all the mail in the inbox. As you open the mail throw away, recycle, or shred the envelopes, ads, and unwanted paper. Make sure to hang on to return envelopes for bills you will be mailing back in.



As you sort your paper mess you will need three trays available for your business. In addition I keep a few trays for personal use as well. For business purposes you will be focusing on sorting your paperwork as follows:

✓ To Pay or Deposit

✓ To Do

✓ To File


To Pay or Deposit

In the “To Pay or Deposit” tray you will place business-related bills that need to be paid and checks that you have received for payment on customer accounts.


To Do

In the “To Do” tray you will place business-related receipts that need recording in your accounting software or log; bank and credit card statements that need reconciling; online payments received that need recording; and business items that require action.


To File

In the “To File” tray you will place everything that you want to keep a paper copy of for your business. This may be copies of filed sales tax returns; receipts already recorded in your accounting software or log; bank and credit card statements that have been reconciled; deposit slips; mobile deposit checks needing shredding; and other important business information that is vital you keep.


If you have digital receipts save these in a folder on your computer during the sort session. Don’t forget that it’s important to have an on-site and offsite backup of your business records to make sure your digital records are secure.


Bank

Once you have completed your sort session log to your business bank account and spend 5 minutes or less reviewing the account.



Analyze the account for the following items:

  • Review the amount of cash on hand. Make sure it appears adequate for any known upcoming expenses.

  • Review any outgoing and incoming items for the day. Check that the outgoing items are all for approved purchases. Evaluate if incoming items seem to be for the correct amount.

  • Review for any unusual activity.

If you have more than one business bank account make sure to do this for each account. In addition, if you have a business credit card you use on a regular basis be sure to review this account as well.


In the Moment Items

There are few items that appear on the daily checklist that I like to call “In the Moment Items”. These are items that may not occur each day, but when they do you need to tackle them immediately. Do not put them off to do at a later time, when your memory might be a little fuzzy.


Mileage

If you are traveling for business purposes it can be difficult to remember all the places you traveled later in the week, not to mention the fact that you will likely have to re-figure out the mileage. What a waste of time!


If you are driving anywhere for business purposes make sure you are logging your mileage as soon as you complete the trip. Don’t forget you get a deduction for round-trip mileage, so write down the total mileage from the beginning of the trip until you return home again.


Invoicing

Invoice or bill your client or customer as soon as you complete the job. Although I know batch invoicing clients once a week can be convenient, it also opens the door for a small job to be forgotten. You work hard at your business, so don’t let your hard work go away for free because you failed to bill a client. Make it a habit that a job is not complete until the bill is in the mail to the client.


The Checklist

Now that you know all the steps that should be apart of your daily bookkeeping routine for your business; follow the link below to get access to the free printable. This printable contains all the steps mentioned in today’s post in one convenient checklist.


I love to laminate my checklist and use a dry erase marker to check off the items as I complete them each day. It’s easy and saves on printer ink.


I hope that you will make it a priority this week to begin making these Daily Bookkeeping Tasks a part of your business routine. I know it will help you stay organized and be more informed about the financial side of your business.


You got this Mama!


Free Daily Checklist Printable