9 Bookkeeping Tasks You Must Do Every Week

 

Though bookkeeping remains an essential part of the business routine, we often tend to take up other tasks that are bound by deadlines and are to be sorted on an urgent basis – eventually delaying the bookkeeping duties, pushing it aside by considering it ‘can be done later’ mundane thing, and ultimately getting left with heaps of pending bookkeeping tasks.

Be it a business of any scale, delaying the bookkeeping duties leads to highly probable mismanagement.

If you don’t execute your bookkeeping tasks,

• You’ll end up with payment delays, thus inviting a direct interruption in your business operations.
• You’ll have a tough time sorting out the cash flow – this could lead to serious consequences like cash shortage.
• You’ll face inventory inconsistencies and you may end up struggling with certain orders that you just can’t handle and execute within the promised timelines.

If bookkeeping is totally out of your schedule’s reach, you can always seek help from professional bookkeeping firms in Dubai like PKF UAE.

Weekly Must-Do Bookkeeping Tasks

1. Inventory Review

Keeping a track of your inventory with weekly assessments is important to have better stock information and inventory-sale consistency.

2. Bank Accounts Reconciliation

Weekly matching your book balance with the bank account balance can bring the discrepancies to your attention.

3. Invoices Reminders

Sending weekly payment reminders to your clients is a healthy way of reminding them about their due payments.

4. Transaction Categorization

This is crucial to get all the expenses tracked and efficiently monitor your business finances.

5. Employee Timesheets Review

Doing this weekly will give you clarity on aspects such as hours worked by each employee per week, the leaves used, and all the other payroll-related calculations.

6. Make Bill Payments

Practice this to avoid any sort of penalty for late payment. Make timely payments to your vendors, suppliers, etc., for your business to function unhindered.

7. Receipts and Documents Scanning

Make a habit of scanning and saving all the important documents and receipts to keep them secure for future reference.

8. Make Deposits

Making weekly deposits will ensure that the cash flow of your company is managed well.

9. Budget Tracking

Weekly analysis of the expenses will save you from exceeding the decided budget as overspending sometimes becomes a big challenge to overcome.

Avail expert bookkeeping services in UAE to keep your business on track and streamlined.