Many business owners postpone bookkeeping operations until the tax deadlines arrive. However, regular bookkeeping in Las Vegas is necessary not only for taxes but for daily business operations. It helps you track your financial records and maintain updated details about the financial health of your business.
Important Daily Bookkeeping Tasks
Here are some necessary bookkeeping tasks to perform daily:
- Reconcile your cash and receipts, mainly if you accept cash payments. Doing this helps you know the money at hand and any shortages that need to be addressed.
- Sync all credit card payments from your POS systems with your accounting software. However, automating this part of bookkeeping in Las Vegas reduces your workload.
- Organize all cash transactions into categories for easy tracking. You can use software to scan receipts for secure storage.
- Sync all transactions with your bank records. However, automating the sync between your bank records and your financial records makes this process easy.
- Send invoices to all clients at the end of the day to ensure that they pay on time.
- Check all pending bills and pay all vendors or schedule payments to avoid forgetting payments.
- If you’re not using cloud platforms for financial records or cloud-based QuickBooks, you need to back up your financial documents online for emergencies. This gives you mental peace, especially if your software or hardware fails.
Monthly Bookkeeping in Las Vegas
On a monthly basis, these are large tasks bookkeepers should not overlook:
- Reconcile all your books to check of you have accounted for all activities within the month. You can reconcile the records every week to decrease your monthly workload.
- Balance your checkbooks to ensure all withdrawals and deposits add up. This activity helps you understand where your money goes, how much you have in your accounts, and confirm that all reports are accurate.
- Check your inventory through stock-taking and verify the condition of all items.
- Assess your payroll, especially for tax requirements.
- Review your profits and losses.
- Review your monthly bank statements.
- Make a financial report to creditors and investors for decision making.
Tax Season
- Send all your records to your CPA on time for the tax season. If you have updated and balanced books for each month, compiling your QuickBooks files for tax is easy. It’s best to send the records as early as January after closing business in December.
- After your CPA reviews your books, there may be adjustments that need to be made. Ask the CPA to supply a copy of changes or ask to make the adjustments yourself. However, make sure each book record matches your tax returns.
Annual Bookkeeping in Las Vegas
Depending on your business calendar, your bookkeeping could end in December, in preparation for the tax season between January and April. The end-of-year bookkeeping in Las Vegas may include activities such as:
- Reviewing aged receivables to determine the financial health of your business
- Stock-taking and inventory updates
- Reviewing annual financial reports
- Reconciling all books before handing them to a CPA
- Checking your budget and forecast for the following financial year
Bookkeeping is an all-year activity that requires attention and time. With the right experts, you can access automated and cloud-hosted QuickBooks for fast and secure bookkeeping in Las Vegas, while you focus on your business. TheOfficeSquad specializes in virtual bookkeeping for small to medium size businesses. Contact us today to discover how we can help.
