21 Bookkeeping Tasks That Bookkeepers Should Perform Daily

“Your business growth and success depends on many things, and along that growth path, you are going to have to concede certain responsibilities and activities – whether for your accounting, your production, or day-to-day management.” — Michael Gerber

Your business’s success depends on multiple factors, including planning, strategizing, and marketing. But, out of all the business development practices, accounting and financial management is the core success factor—because inadequate money management can completely derail your business.

Since bookkeeping is the fundamental accounting process, therefore, you have to precisely perform all the bookkeeping responsibilities daily—without fail. From offline to Online bookkeeping services, you have to prepare a complete bookkeeper’s to-do list to keep your business on the right track.

Complete Bookkeeping Daily Task List

Averagely, a bookkeeper works for 40 hours a week and performs multiple tasks to streamline organizations’ accounting and financial systems. If you want to grow your business, include the following tasks in your bookkeepers’ job description:

Task #1. Daily Accounts Management

Online bookkeeping services can align an organization’s resources properly by daily recording sales and purchase transactions. Without failing, bookkeepers have to record business transactions into the designated accounting software to know exact cash inflow and outflow numbers.

Task #2. Manage Mails/Emails

If you still aren’t practising paperless accounting, your bookkeeper should go through daily emails and sort relevant emails such as cheques/checks from customers, bank and credit card statements, purchase invoices, etc. However, if you have digitized your business operations, daily online bookkeeping services include checking customers’ emails, sending digital invoices, paying bills electronically, etc.

Task #3. Keep an Eye on Legal Side

Whether you receive a letter from IRC or any new tax amendment has just been made, your bookkeeper needs to stay updated about all legal aspects of business management to keep you out of trouble.

Task #4. Up-to-date Record Management

Filling and archiving important files and folders—both digitally and physically is a vital bookkeeping daily task. At CapActix, we have been able to provide seamless bookkeeping outsourcing services to multiple clients because we ensure all files and folders are archived regularly using electronic methods.

Task #5. Invoice Management

Depositing checks and cash receivable to the bank and writing off against the relevant invoices is on the top of the bookkeepers’ to-do list. From depositing bill receivables to issuing receipts to customers at the end of the day, bookkeepers have to manage your business invoices daily.

Task #6. Communicate Daily

A bookkeeper has to establish an open communication environment for colleagues and clients. Bookkeepers have to communicate with other employees to manage travel expenses, reimburse employee’s expenditures, petty cash reconciliation, and more.

On the contrary, clients might want to clarify some points mentioned in invoices or need more time to clear payment—they will contact the bookkeeper. Therefore, through call, email, or other communication modes, a bookkeeper should frequently communicate with colleagues and clients.

Task #7. Inventory Management

The bookkeeper works as a liaison between different departments and interacts with department heads daily to discuss their inventory needs. If any department is running short on inventory, the bookkeeper contacts the vendor and places an order for new inventory. Moreover, in small business organizations, it is also the responsibility of bookkeepers to track and maintain inventory records.

Task #8. Budget Management and Allocation

Since bookkeepers deal with accounting books, meet with department heads to understand their budget needs and distribute resources equally among all the departments. Importantly, if bookkeepers find unnecessary utilization of resources, they can also suggest budget constraints to department heads.

Task #9. Tax Season Preparation

It is also the bookkeeper’s responsibility to note down all tax dates and prepare accounting books before starting tax season. Furthermore, they should be available to provide the right information and support to accountants, auditors, and other tax experts to meet all tax requirements.

Task #10. Manage Bank Accounts

Nowadays, a company’s bank feeds can be easily managed by logging in to a mobile app. So, it is simpler for bookkeepers to check bank statements in real-time and daily reconcile bank statements.

Task #11. Update Accounting Software

Nowadays, Accounting operations are fully automatic; that’s why bookkeepers need to keep accounting softwares updated—to prevent numerous online vulnerabilities from attacking your accounting files.

Task #12. Maintain Security Standards

Bookkeepers have to maintain basic principles of cybersecurity in the company, including never disclosing passwords to unauthorized persons, updating antivirus software, frequently changing passwords, and much more.

Task #13. Revenue and Expense Management

Based on the revenue and expense data retrieved from different departments, the bookkeeper needs to prepare a proper revenue and expense account. With this account, bookkeepers can predict revenue generation rates, control expenses, and take timely measurements to manage monetary resources.

Task #14. Payroll Management

Bookkeepers have to coordinate with the HR department, and based on different employment terms and legal employment requirements; they have to process payroll accounts for each employee. Payroll might be prepared once a month, but payroll accounts need to be tally throughout the month so that your employees can receive their salary on time.

Task #15. Accounts Payable Management

The work of recording accounts payable entries into accounting software, requesting authorization from management to pay bills, processing payments on time, reconciling accounts payable, aging analysis, and more—is done by bookkeepers.

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