💳 Categorize transactions weekly

Using QuickBooks Online we record the following:

• Who the expense was paid to

• What it was for (description)

• The category it belongs to

🏦 Reconcile accounts monthly

Comparing bank statements with your bookkeeping records is essential to detect possible discrepancies. Bank reconciliations aren’t limited to just your bank accounts. Any credit cards, PayPal accounts, or other accounts with business transactions should be reconciled.

Why does this matter?

1. Track cash flow

2. Stay on top of accounts receivable

3. Detect bank errors

4. Detect fraud

5. Get an accurate picture of your business

📈 Generate financial reports monthly

Monthly financial reports allow you to understand your business performance on a regular basis, learn from what happened and apply this knowledge to make smarter business decisions going forward.

Here are the five reports we deliver on a monthly (and end of year) basis:

1. Profit & Loss — To review the income and expenses for the past month and understand your profitability.

2. Balance Sheet — A statement of the assets, liabilities, and capital of a business, detailing the balance of income and expenditure over the preceding period.

3. Cash Flow Statement — Remember that the Net Profit on your Profit & Loss does not equal your Cash Flow! This report bridges the gap between your opening and ending bank balances.

4. Accounts Receivable Aging — Accounts Receivable by customer and puts them in groups based on how long the invoice has been due. For e.g. Current, 30 days overdue, 60 days overdue, 90+ days overdue.

5. Accounts Payable Aging — Similar to Accounts Receivable Aging report, this report shows the detailed listing of amounts you owe to vendors.