Monthly Bookkeeping in an easy and quick way
In order for you to perform a monthly bookkeeping, I think it is good to start with a little introduction of what Bookkeeping actually is.
The main objective of bookkeeping is to record the transactions carried out by the company implementing an accounting program that meets the requirements established by commercial regulations.
Bookkeeping must be very precise in order for the accounting and fiscal results obtained in the development of an activity to be correct. In addition, correctly accounting for operations is very important to have a true image of the company for you to make financial decisions.
After this brief introduction, below we are sharing 3 important steps to do a proper bookkeeping:
Register all transactions: You must correctly record all the income and expenses that you have had during the month, that is, all the transactions that allow you at the end of the month to be reconcile with the bank accounts and the third-party app (if you are using any)
Reconcile bank accounts: Credit Cards, third parties merchants: with this step you ensure that the company’s books match the transactions reflected in the bank statements for a certain period, this way we can identify if there is any duplicated entry and correct as necessary.
Check Accounts Receivable and Accounts Payable: to make sure all accounts receivable and all accounts payable are accurate, by doing this you will identify if there are any payment for bills or invoices you probably miss recording.
Bookkeeping is about precision, required to be detailed and a little bit of knowledge in the field, but with practice you can complete a monthly bookkeeping. For companies where transactions are more than a few and manage Loan payable, payroll and/or deferred revenue is necessary to have a specialist who takes care of your books to ensure they’re accurate and provide you with reliable reports. At My Books and Taxes we adapt to the needs and requirements of each company. You only need to explain your situation to us and we will offer you a specific plan that fits best for your business.
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