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Nine Accounting Tasks That You Should Do Everyday

  1. Refresh your financial data. Ideally, your accounting software automatically does this for you each day, syncing your bank and credit card feeds and the sales data from your Point of Sale System into your accounting software. If it doesn't, you'll need to do this manually. This gives you an up-to-date look at your accounts, showing you the money moving in and out of your business.
  2. If your business accepts cash, reconcile it against receipts. Doing this at the end of each day helps you discover cash shortages or overages in a timely manner, so you can figure out where the money went and identify errors or theft.
  3. Review and reconcile transactions. If your accounting software is connected to your bank and synced daily, there's no need to wait for your monthly bank statement. Many accounting applications simplify reconciliation by suggesting matches, so all you have to do is review and approve them. Spending a little time on this task each day is easy and eliminates a grueling month-end chore. It's also a good time to review pending transactions for any errors or abnormalities that may be cause for concern, so you can investigate potential issues promptly.
  4. Record payments you receive; deposit cash and checks. If you receive paper checks and cash payments, deposit them daily to keep cash flow healthy and your business account records up-to-date. If most of your accounts receivable are electronic payments and you have just a few paper checks, see if your bank accepts mobile deposits and what the daily, weekly and monthly limits are, as this can save you trips to the bank.
  5. Record and categorize expenses. Many accounting software have apps that you can use to report expenses and upload receipts, so it's easy to take care of them immediately - just snap a picture of the receipt and jot  a note about what it was for - rather than sort through a stack receipts at the end of the month and try to remember what each one is, and if it's a billable expense, which job or project it belongs to.
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Rhea Debbielou Partosa

Rhea is the Chief Financial Office of Ally Techno Grit Solutions Corporation.