How to keep your business on track: The Ultimate Accounting Checklists

Vimal Kutty

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HLB HAMT - Accounting Firm in UAE

Phone:- +971 4 327 7775
Mobile:- +971 56 147 0259
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com

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    Do you struggle to keep up with your accounting responsibilities as a business owner? At the conclusion of each month, do you find yourself buried under a pile of receipts and financial data?

    If so, the answer you have been searching for is to create a schedule for your accounting duties. You can make sure that your financial documents are correct, current, and reliable by adhering to a regular routine. This can avoid costly errors, minimize negative effects on your company, and promote business expansion. In this blog post, we’ll outline the essential accounting tasks that you should perform on a daily, weekly, and monthly basis.

    A. Tasks for Daily Accounting

    • Adjust the Cash and Receipts

      Reconcile currency and receipts at the conclusion of each day to swiftly identify cash shortages. You can track down where the money went and spot mistakes or fraud using this method.

    • Analyze and reconcile the transactions

      Your bank connection and your accounting software should sync on a daily basis. You won’t need to wait for your weekly bank account because of this. Spend some time each day on this task to review and approve the recommended matches to eliminate a grueling month-end chore.

    • Update and Refresh Your Financial Information

      It’s necessary to daily sync your accounting software with your bank and credit card data, as well as your POS system, to have an up-to-date view of your accounts. This process makes it easier to spot discrepancies with recent transactions.

    • Record and classify your expenses

      There are also applications for many accounting software packages that let you record expenditures and share receipts. Just snap a photo of the ticket and make a note of the information rather than going through a stack of receipts at the end of the month.

    • Received a record of inventory

      By entering inventory into your system the same day you receive it, you maintain your system up to date and can see your supply more accurately. Daily inventory management also lowers the risk of product maturity and loss. It plays a critical role in checks and balances.

    B. Tasks for Weekly Accounting

    • Payments of a Record

      To maintain a healthy financial flow and up-to-date documents, deposit paper checks and currency payments once a week. Check to see if your bank takes mobile deposits if the majority of your accounts due are electronic payments.

    • Invoice Your Customers

      Regular billing encourages timely payment from your customers. Your customer will take longer to pay you the longer you delay to bill them.

    • Review time records for employees

      Review timesheets regularly at least once per week to help you identify inconsistencies and actions that might be detrimental to your business.

    C. Tasks for Monthly Accounting

    • Pay vendors, or organize for the payment of bills

      Check invoices for errors, and plan payments early to benefit from discounts for doing so. Make payment reminders if necessary to settle your expenses on time and prevent late fees.

    • Monitor spending and deviations

      Budgeting for different costs, activities, and tasks is simple to do, but maintaining these budgets can be challenging. Checking for such issues each month and taking remedial action is the best method to lower budget variances.

    • Maintaining schedules for accurate financial tracking

      It is important to maintain schedules for tracking and amortization of expenses, depreciation, etc., which can help you keep your accounting records up to date and reduce errors. This process will also help you identify any trends or issues that may arise in your financial reports.

    • Protect Your Data

      Create a physical backup of your financial information if you don’t use cloud-based accounting software at least once per month. This will offer you confidence even in the unlikely circumstance of a hardware malfunction.

    Bottom Line

    For any business to be successful, precise accounting records must be kept. You can make sure that your funds stay in order and on schedule by adhering to this accounting check list. Keep in mind that you must perform these duties regularly to prevent inconsistencies or mistakes in your financial records. By using adequate accounting procedures, you can assess the financial health of your company with assurance and make the required corrections to facilitate business expansion.

    HLB HAMT to Assist!

    If you’re in need of financial assistance or guidance, HLB HAMT is here to help! With a team of experienced professionals, HLB HAMT can provide you with personalized financial solutions tailored to your specific needs.

    Get in touch with us right away to schedule a consultation and take the first step towards a more secure financial future.

     

     

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    Varun R Chandra
    Varun R Chandra
    07:38 25 Apr 21
    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
    Giuseppe Assi
    Giuseppe Assi
    06:20 31 Jan 21
    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
    Mohamed Sheriff
    Mohamed Sheriff
    16:16 28 Jun 20
    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
    218141 JOSEPH THOMAS
    218141 JOSEPH THOMAS
    16:20 23 Jun 20
    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
    PMI
    PMI
    07:14 23 Jun 20
    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
    RAVI CHOKSI
    RAVI CHOKSI
    08:28 21 Jun 20
    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
    Maharajan Subramaniam
    Maharajan Subramaniam
    18:17 06 Jun 20
    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
    Mohammed L
    Mohammed L
    08:07 05 Jun 20
    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
    ROY ROSHAN VIVIAN
    ROY ROSHAN VIVIAN
    06:32 04 Jun 20
    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
    Basil Daniells
    Basil Daniells
    05:55 03 Jun 20
    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
    Amar Kashyap
    Amar Kashyap
    19:28 02 Jun 20
    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
    Radz de Jesus
    Radz de Jesus
    16:03 02 Jun 20
    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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