How often should I do my bookkeeping?
The size of your business, the level of its financial activity, and how up-to-date you would like your ledger to be, all affect how often your bookkeeping should take place.
If you are a sole trader, or a business that carries fewer transactions, you may not do your bookkeeping quite so frequently as a product based business that has many transactions each day.
However, it is best to keep on top of bookkeeping as you go along so that tasks such as keeping track of daily transactions, sending invoices, and managing accounts receivable and payable ledgers don’t build up and become a mountainous task.
As bookkeeping is the foundation of good cash flow management, keeping it up to date will allow you to see how your business is doing as you go along and make sure you have the funds to cover your outgoings.
Do you still have questions? Get in touch with our accounts services team to find out more about how they can help you.