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Daily Accounting Habits to Minimize Tax Season Burden

daily accounting

When you’re a small business owner, it is easy to take the accounting chores off as so many other items on your to-do list seem more urgent. However, it would be best if you took care of these tasks on a daily basis. You can find and fix problems like liquidity bottlenecks and inventory swings in a timely manner, as it is comparatively easy to find out who was involved and what happened. If you only take care of your accounting tasks on a monthly basis, you won’t be able to discover the problems, as with the passage of time, things may become difficult to understand. 

As your receipts, orders, invoices, and financial records pile up, you may miss out on the information that can give you insights into your business’s financial health. In addition, if your bank account and books don’t match, you may end up spending money on the things that you don’t really need, or you will keep the money that you could have invested in your business.  

See Also: Hiring A Business Ghost Writer: 8 Must-Know Secrets from A Professional in The Game

Following is a list of accounting tasks you should perform daily in order to avoid the last-minute hassle.

Categorize the receipts into folders 

When posting accounting entries of purchases and expenses, remember to divide them into direct and indirect expenses. Then they should be subclassified into ledgers such as advertisement expenses, office expenses, utilities, etc. Also, developing a healthy habit of storing these paper receipts and invoices in groups and electronic copies in digital files can save a lot of time and energy during bookkeeping. In addition, it reduces the risk of human error. 

Reconcile Cash 

People without day-to-day accounting processing tend to have a lot of trouble comparing reconciling cash to actual balances. This is due to the limitations of human memory. The differences noted are then either found and resolved or adjusted as shortage/excess. Daily cash reconciliation ensures the accuracy and integrity of cash transactions. This is especially recommended for people who work in retail. 

Maintaining Daily Timesheets  

It may not be related to accounting directly. However, for small and medium-sized businesses with a limited number of employees, it is a good idea to collect employee timesheets on a daily basis and then consolidate them weekly, biweekly, or monthly before processing. This enables control of employee time and attendance information as well as accurate payroll processing. It is an internal control that can apply to any organization regardless of its size. 

Regular Stock Take  

This is something that may not be possible to do daily. However, your actual inventory should be checked against the book inventory at regular intervals for loss, theft, and damage to stock. In the absence of this internal control, your business may prosper on paper, but the reality on the ground will be very different. 

Manage Debtor and Creditors Outstanding  

Managing working capital is one of the most critical functions of any business. If you have unpaid creditors while you have unused funds, the unnecessary loss of interest can be catastrophic to your bottom line. Likewise, it is crucial to manage your outstanding debt and calculation of interest beyond the due date. Working capital management is a true example of the “Easier said than done.”  

Conclusion 

Take the time to perform these accounting tasks to ensure your accounting data stays updated and your bottom line protected. When done regularly, these tasks only take a few minutes. However, the return on your time investment will be astronomical. You don’t have to waste time researching specific transactions later and avoid tax penalties.

Put dedicated efforts uniformly to make your business a financial success. Also, an excellent way to manage all these financial tasks efficiently is to acquire professional accounting services or use accounting software. This way, you can rest assured about the accuracy and authenticity of your financial information, leading to precise tax filing.

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