bookkeeping clean up checklist

Getting caught up on bookkeeping can feel like an uphill battle, especially when you’re already juggling the day-to-day operations. You’ll come away with an actionable score (from 0% to 100% correct) and a detailed report of what’s working and what needs fixing to get your books clean. Signing personal guarantees for leases and loans for your business is a good idea when your business is young and hasn’t established a strong credit rating. However, you should avoid personal guarantees and build strong credit to give lenders confidence that your business can pay the debts. The ultimate stage entails transmitting the monthly report to your clientele. When you observe any atypical items or patterns, it is advisable to incorporate remarks or inquiries when submitting the report.

Nine Key Bookkeeping Clean-Up Tasks to Include in Your Checklist

Software like QuickBooks Online will automatically reconcile accounts if you’ve given the software access to automatic feeds. However, the reconciliation should still be reviewed for accuracy and compared to bank statements. When it comes to QBO cleanups, using a cleanup checklist will help you to stay organized and in control, and lead to successful QBO cleanups. You’ll also want to customize your checklists to fit the type of clients you’re working with.

Reconcile Your Cash and Credit Accounts

When you’re building your business, you focus on attracting investors, establishing your brand, and managing logistics. Your company’s chart of accounts might not seem like a priority — until you notice a problem. If you are working with an electronic file, you will need to download the information from the client’s financial institutions or wait for your client to send you PDFs each month. Ensure you have the most recent information and good data before beginning the process. As a bookkeeper, it’s your responsibility to keep your clients’ books in order.

bookkeeping clean up checklist

Keep those receipts. Yes, the paper receipts. Here’s why.

Regularly reconciling your clients’ accounts ensures this is true. While you can do catch up bookkeeping yourself, hiring a professional may save you time and money in the long run, ensuring accuracy and reducing the risk of any tax-related issues. Check your bank statements against your accounting records to catch any mistakes, ensuring that all transactions have been recorded properly.

By automating these tasks, you’ll save time and reduce mistakes by eliminating manual data entry. Additionally, automation can provide you with real-time financial data, allowing you to make informed decisions and manage your cash flow effectively. Next, gather all relevant financial documents, including bank and credit card statements, receipts, and invoices. Make sure you have all the documentation you need to accurately record transactions and reconcile accounts. Depending on how far behind you are, this could be a time-consuming task, so be patient and methodical. General checks in the bookkeeping cleanup checklist refer to the tasks needed to ensure that the financial records are accurate and up-to-date.

Make sure to track down any past-due payments and correctly record them. Also, consider reminding customers or following up if they have unpaid amounts. Clean up your company’s books in one simple, coherent bookkeeping clean up checklist checklist by Acuity. A duplicate journal entry can show you have more or less money than you have. If you struggle with disorganization in accounting, you need to know how to fix bad bookkeeping.

#1: On Paper

Separate Your Personal and Business Accounts

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