You’re busy operating your company day-to-day, so you may not have time to do your accounting and bookkeeping, but they are very important to the health of your company. Here are the six accounting tasks that your organization needs done today:

Bookkeeping management/cleaning up the books

Reviewing transactions for accuracy, completeness, and making sure they’re being coded to the proper account. Doing this enhances the quality of your accounting data, and you can’t produce useful accounting information without it.

Bank and credit card reconciliations

Comparing your company’s internal records of bank/credit card transactions against the bank/credit card statements. Reconciling these makes sure there are no errors or missing transactions in your accounting records, which again leads to quality accounting data.

Sales taxes

Obviously you need to be on top of collecting, filing, and remitting your GST and PST. This is especially important because the penalties for late filing and payment can be very steep.

Budgeting & forecasting

Looking ahead to a future period and projecting what revenues, expenses, assets, and liabilities will be based on current activities, and adjusting these projections based on strategic initiatives. Important for discovering whether you have the resources needed to do what you want to do in that future period.

Custom financial & management reports

Manipulating accounting and other information to prepare purpose-built reports to help make informed decisions. These are in addition to the balance sheet, income statement, and cash flow statement, as these three reports contain a limited amount of actionable information. Examples of custom reports are sales by region, customer profitability, or manufacturing cost per labour hour. Getting info that digs deeper than the main three financial statements is crucial to understanding the financial health and performance of your organization. Your accounting data is trying to tell you a story, and custom reporting helps reveal that story.

Control systems management

The establishment of policies and procedures to preserve assets and ensure that activities that are critical to your organization’s success are performed. Control systems are commonly used to prevent cash loss or theft by ensuring that nobody has complete control over custody of cash.

Send me a DM today if you’d like to discuss how a professional accountant can help you with these important tasks!