6 must-do weekly bookkeeping tasks for small businesses

At Bright, we understand that running a business is no easy feat. As a business owner, you have a lot on your plate – from managing employees to ensuring that your product or service is at its best. But nobody’s perfect and with so much to do, some tasks often get pushed to the back of your to-do list. It’s like putting off that one exercise in your gym workout – you know it’s needed but it’s just not the biggest priority or maybe it’s just painful. For some of you, bookkeeping may be one of those tasks, but it doesn’t have to be.

We know that running a business can be overwhelming at times, especially when it comes to managing your finances. But fear not – by taking the time to organise your financial reports and stay on top of your budget, you’ll be able to streamline your bookkeeping process and find ways to work smarter, not harder. So let’s stop kicking the can down the road and start tackling these daily tasks head on.

Let’s look at six weekly tasks you need to complete to kick start your journey to a smooth bookkeeping process:

1. Organising your bills and payments

We know you’re probably all too familiar with the struggle of keeping up with bills. Invoices, rent, and other expenses have a way of adding up faster than you can pour your morning coffee! That’s why it’s important to stay on top of your payments by reviewing and scheduling them on a weekly basis. This not only helps you avoid falling behind, but it also gives you an accurate picture of your available funds.

2. Transferring your documents and receipts

We know that securing your accounting records is a top priority. But with so many tasks to juggle, it’s easy for receipts to pile up and important documents to get lost in the shuffle. That’s why we recommend setting aside time each week to scan your documents. And with tech like data extraction software, Dext Prepare, you can simplify the process by uploading receipts directly from your smartphone at the point of sale. It’s quick, easy, and ensures that your records are kept safe and secure. Make sure those receipts stay organised – your accountant (and your peace of mind) will thank you for it.

3. Efficiently managing your payroll

Let’s talk about employee hours for a second. We know it can be tempting to put off reviewing staff hours until payday rolls around but trust us – it’s better to be proactive than reactive. By taking just a few minutes each week to review your employees’ working hours, you’ll be able to catch any extra hours they may have worked and ensure that they are compensated. This not only helps you stay on top of your payroll responsibilities, but it also shows your employees that you value their hard work and dedication. Payroll software can also help!

4. Timely invoicing for your customers

Ah, the age-old challenge of getting paid on time. It can be a bit of a headache, but we’ve got a pro tip for you: send those bills out early. Not only does this help your customers stay on top of their payments, it also makes it easier for you to get paid on time. Plus, let’s face it – nobody likes to get hit with a surprise bill out of the blue. By invoicing your customers sooner rather than later, you’ll keep everyone happy and ensure that your hard work is compensated fairly.

5. Regular inventory reviews

If you sell products, then you know how important it is to keep an eye on your inventory levels. That’s why we recommend doing weekly inventory checks to ensure that you never run out of your best-sellers. Not only does this help you stay on top of your day-to-day operations, but it can also help you detect theft and provide better support to your employees when making sales. It could even improve your cashflow.

6. Make regular cash deposits

Cash flow – it’s the lifeblood of any successful business. It’s simply crucial to keep those payments rolling in by making regular deposits on accepted invoices. We recommend making deposits at least once a week to keep that momentum going. And if you rely on cash or paper cheques for your payments, it may be worth sending a trusted employee to the bank on a daily basis. Alternatively, if you receive payments electronically, a mobile deposit option from your bank can be a real time-saver or even live bank feeds in your accounting software which allows you to get paid instantly!

Speaking of live bank feeds, did you know they’re available in BrightBooks?

The advantages of embracing technology

With the vast amount of tasks mentioned its clear to see that you’ve got your hands full with all kinds of bookkeeping tasks. But here’s the good news: technology can be a real game-changer. Whether you’re reconciling bank accounts, creating budgets, or categorising transactions, there are tools out there that can help automate and streamline these processes. So instead of spending hours each week on manual tasks, it’s time to leverage the power of technology to save time, stay organised, and keep your businesses running smoothly.

If you’re looking to streamline your accounting processes? Look no further than Bright! Our payroll software, data extraction, and accounting software can help you automate many of those weekly tasks that eat up your time. Want to see how they work? Sign up for a free one-to-one demo and let us show you just how much easier your life can be with these powerful tools at your disposal.

This content may have been developed with the assistance of AI tools. Content is reviewed by a member of the Bright team before publication. Guidance on legislation can be obtained from your industry body.