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Faith Resolutions Bookkeeping &
Daily Money Management

Mid-Year Bookkeeping Review

by | Jun 8, 2023 | Education

We are almost halfway through the year. How are you doing with your bookkeeping? If you are behind, grab a cup of coffee, set aside a few hours, and use these simple tricks to get caught up. I know it can be daunting, but keeping your financial records accurate and up-to-date is important.

  1. Gather all necessary information: Collect your financial records, including bank statements, invoices, receipts, and bills.
  2. Organize your documents: Sort your records chronologically and categorize them into relevant categories, such as “Income” or “Expenses.” Read more about receipt organization here
  3.  Enter past transactions: Enter all past transactions into your bookkeeping system, starting with the oldest transactions and working your way forward. If you are using accounting software, there are ways to automate this.
  4. Reconcile your records: Reconcile your bookkeeping records with your bank statements to ensure accuracy. (If you do not have a separate bank account for your business, add that to your to-do list. It is a must!)
  5. Clean up your books: Review and correct any errors or discrepancies in your bookkeeping records. Not sure what to look for? Check out my blog, Check Yourself.
  6. Review your numbers: Are you reaching your goals? What areas of your business need improvement or tweaking?
  7. Stay current: Make a plan to stay current with your bookkeeping going forward, whether setting aside time each week to record transactions or hiring a bookkeeper to handle it for you.

Now, enjoy your weekend! (If you are doing this on the weekend, it may be time to hire a bookkeeper.)

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