Weekly tasks are centred on invoicing and checking some basic tracking reports.
Bank Account Reconciliation
If you are not doing it daily, each week you should process your cash transactions so you know where you are. This eliminates the dreaded monthly catch up.
- Complete your bank reconciliation and run the Bank Reconciliation Summary Report – a double check that Xero balances with what’s been going through your bank account
- Investigate and tidy up any transactions that have been duplicated, entered in error or appear to have been un-reconciled for a 4 week period
Pay your bills – Accounts Payable
- Pay any creditors – load up any amounts you want to pay on your Awaiting Payment payable invoices, and the date you’re going to make the payment. Set up the relevant payments on the relevant dates in your online banking. These can be reconciled on the day the payment goes through your bank and is downloaded into Xero.
- Run an Aged Payables Report – view all outstanding accounts
Send out your invoices – Accounts Receivable
- Check the Accounts Receivable Draft and Awaiting Payment tabs for any invoices you’ve partly entered or any that have been automatically generated and process them for emailing or printing and sending to your customers.
- Review the Aged Receivables Report -view all outstanding money owed to your business
- Phone any customers who have exceeded their terms of trade
Keep on top of the incidental expenses you and your staff are incurring.
- Process any expenses claims from business owner or employees
- Make payments for claims from your online bank account and when these are downloaded and imported into Xero you can reconcile them back to each claim.
There is nothing worse that paying your staff late to hurt morale and create tension. Make sure staff are always paid on time.
- Lots of small businesses (particularly trades) operate a weekly payroll
- Enter details of payments going out of your bank account into Xero once completed in payroll system so you can see their impact on your cashflow