Bookkeeping Checklist You Need to Have for Your Business to Grow

Starting a business gives you some high. Your new endeavor provides you with a lot of enthusiasm. But then, it’s not that way all the time, you have to think of the “dirty” work or the responsibilities that accompany it.

One of this responsibility is bookkeeping. Most business owners look at bookkeeping as a time waster, but unaware that this may cause their business to make or break.

If you want to make your business grow, bookkeeping is one area where you have to give focus first.

Bookkeeping is about maintaining financial records. This is crucial for a business to survive.

This article points out the importance of bookkeeping checklists.

Daily Bookkeeping Checklist and Tasks

1. Check Your Cash on Hand

Be aware how much you have on hand and your bank balance. All business owners must be ready for unexpected expenses.

2. Be Aware of Your Cash Inflow and Outflow

Keep a list of incoming and outgoing payments for the day. Doing so will give you the idea of your cash position for the day and the following day.

Monthly Bookkeeping Checklist and Tasks

1. Invoicing

Prepare and send invoices to your customers. The sooner you send invoices, the better. This facilitates faster settlement.

2. Customer Billings

Update your spreadsheet or the accounting software you are using. Don’t get distracted by other tasks, better yet hire an independent Xero bookkeeper sydney. Hiring one will do your business good, to give you more time to grow your business.

3. Customer Payments

Update your software wit the payments made by customers.

4. File Vendor Bills and Payment Records

Keep everything intact. This includes all physical copies of bills. Print e-bill as well. Index everything for ease of filing.

5. Vendor Payments

Record all payments made to the suppliers. If you keep up with your payments, it’s likely that your customers will keep up with theirs.

6. Keep Payroll File Updated

Be on top of the payroll and show your employees that you are in for the long haul.

7. Review Cash Flow

Check your cash flow regularly. Have a periodic cash flow projection. This makes you have a view of your cash flow goals.

Quarterly Bookkeeping Checklist and Tasks

1. Annual Profit and Loss Estimates

Check your profit and loss forecasts. How are you faring against the estimates?

2. Make Quarterly Payroll Payments

Quarterly payroll payments are due in the last month of each quarter. Be sure to put this in your system quarterly.

3. Make Quarterly Sales Tax Payments

To avoid penalties, you have to account for this and make the appropriate payments.

Annual Bookkeeping Checklist and Tasks

1. Year-End Inventory

Account for what is left at the year end. Which product did well in the current year and what product you have to stop selling.

2. Fill out Tax Forms

This is tedious, but it is required. Have it done and move on to the next task.

3. Financial Reports

Review the whole year financial reports. If you didn’t do well in the current year, there are opportunities for you to improve and keep up with your business goals.

4. Review Tax Returns

Do this before giving to your accountant.

Final thought

For a business to succeed, make it a habit of setting aside time for bookkeeping tasks. Make this checklist as your guide, so you won’t miss out anything.

Why You Should Consider Buying Income Protection Insurance

Income protection insurancePeople buy insurance for their cars because it is required. Health insurance is a necessity for the family. We see to it that our houses or properties are insured, our business is usually insured. However, income protection insurance is something we take for granted.

  1. What is income protection insurance?

It is a long-term insurance policy which helps you if you are not gainfully earning due to illness or injury. It substitutes a portion of your income if you are unable to earn gainfully.

  1. Who needs this type of insurance?

Sometimes buying income protection insurance is taken for granted because if you are in good health, you will never think that things will turn upside down, that’s when serious illness or injury happens. No one wants to think bad of the future, but how often do we hear horror stories that the father or mother or whoever is the breadwinner of the family couldn’t work anymore because of injury due to a fall or accident or critical illness. What will happen to the family they are raising? Yes, you may have savings but how long will you survive with it, considering all bills and living expenses to pay? Sooner or later your finances will go down the drain. If you are being cautious and think for the family’s future, you will consider buying insurance protection for your income.

  1. Are there people who don’t need this?

You may not need income protection insurance: if you can survive using your sick pay; if your government benefits are enough to cover your Protecting your income with insurancebills; if you have saved enough to see you through your lifetime; if you think your family can support you.

  1. Why should you consider buying it?

First of all, anything can happen to you. It doesn’t matter if you have a family to raise. People dream to see that their income keeps coming consistently to provide for their loved ones until their old age. Unfortunately, this dream may not come to pass. Having protection gives peace of mind for you and your family. You or your wife may be working double time to provide a comfortable life for your kids. If you will become incapacitated and can not work anymore, then it causes loss of income, and it crashes your family’s finances.

Buying income protection insurance allows you to keep up with your debt payments. Paying bills and living expenses is already stressful enough, and even more so if you have to pay for car loans and credit card bills. Furthermore, it gives you more protection. Income protection can complement other insurance plans.

Nothing beats professionals and experts advice. Get an income protection insurance quote from Life’s Great. It is important to seek an expert’s advice because you are not simply buying bags or shoes. It is like you are buying a lifetime. They will determine the cost of the policy which varies considering many factors like age, the nature of your job or business, how much of your income would you like covered, what is the waiting period for the policy to pay out and lastly, your state of health including your medical history. A medical check up might be required.

Don’t wait for something to happen, seek an expert’s advice. Invest in income protection insurance now!