Day to Day Bookkeeper Processes

Day to Day Bookkeeping

  • Data Entry

    The use of bank feeds has only increased the importance of data entry, traditionally data entry only occurred when a receipt was obtained. Relying on bank feeds to allocate transactions can be dangerous. We still recommend entering in each receipt manually and then allowing bank feeds to match the manually entered receipt with the bank line item.

  • Bank Reconciliation

    Transaction allocations are not a bank reconciliation. A bank reconciliation is a report that is run that confirms all data in your online software has been accounted for. Any out of balance figures or transactions need to be managed in this process.

  • Invoices

    Ensurung that when money received is applied against invoices is so important. Did you know that not matching payments to invoices will likely be treated as a double up of income come end of financial year? Don't forget to manage accounts receivable daily.

  • Purchases

    Part of healthy bookkeeping practices is knowing your financial position at all times, this should include all the bills not yet paid. Did you know that managing purchases in your bookkeeping practices is going to allow for better cash-flow management and projections?

  • Payroll

    Payroll is often one of the most conflicted processes most bookkeepers have. Have you setup your accounts to track entitlements correctly? Do you know what you need to pay your staff should they resign or request long service leave?

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