Accounting Firms’ Must-do Accounting Tasks on Weekly Basis

“Precise Bookkeeping and Accounting is the Magic Wand of all Business Restructuring and Development”.

Experts believe that for a strong business on the ground of finance, one must have an effective bookkeeping and accounting records. Ascertaining that these two things remain best in their respective places, the concerned professionals are of the opinion that the growth is marked by keeping accounting and bookkeeping proper.

It is a proven fact that even the much-acclaimed businesses have failed ultimately because of the wrong accounting practices. Any disorganised or deceptive accounting process is going to be a jolt in the business proceedings, irrespective of the size. The professionals believe that the small and rising businesses are more susceptible to this. Therefore, very strong accounting records and bookkeeping is a must for the success.

The professionals associated with accountancy and bookkeeping suggest having some of the things updated in order to keep track of things easy. These need to be done either on a monthly or weekly basis. The following are some of the vital bookkeeping and accountancy stuffs that every business accountant in Parramatta keeps an eye on—

  • Reconciliation of Bank Account

The bank account statement cannot be reconciled too often. Waiting for bank statement for the track of the cash present can be tiring if not done regularly.

What small businesses do is to wait for the bank statement for the reconciliation of their account. The expert accountants from HANSUNG say that this is going to be a complete mess because a lot can happen in 30 days. Therefore, a weekly reconciliation of the bank account statements is helpful in keeping track of cash flow.

  • Payments and Receipts

Since all small businesses rely heavily on cash flow, therefore, it is vital to track all such transactions that concern receipt and payment for goods and services. To keep a business running, it is essential to maintain the cash for the organisation. One of the instances being checking the bank account balance periodically and paying the bills regularly apart from ensuring that there are no dues left with the suppliers or the buyers.

  • Keeping Track of Entries

Well, behind every great business is the effort of a highly skilled and professional accountant. Many businesses deny the importance of an accountant after hiring the bookkeeper. The accounting firms in Sydney take care of all the financial entries.

Though customer receipt and vendor payments constitute the majority of the transactions; the other elements like interest payment, bank fees, or auto debits need to be recorded on a weekly basis. What is suggested to make sure that these records keeping is done prior to the bank account reconciliation that would make the proceedings smoother.

Note: Initially, accountancy and bookkeeping can be challenging and confusing. Taking the help from the professional accountants and bookkeepers would ensure that the entire thing gets a good start.

What should always be kept in mind during account keeping is that, irrespective of who you are (whether a business owner or bookkeeper) keeping the business finance should always top the priority list. These two are the economic pillars for survival.

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