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Steps to Catch-Up Bookkeeping

Catch-up bookkeeping is crucial for your business as it ensures accurate financial records thereby preventing any errors or discrepancies in financial reporting. It also keeps your business compliant with tax regulations and reporting requirements.

Not just that, it provides up-to-date financial information for better, more informed decision-making by management.Furthermore, it facilitates smoother audits by having organized and complete financial records.

So if you want to get a clear understanding of your business's financial health, timely and accurate catchup bookkeeping is essential.

Now that we are clear about why catchup bookkeeping is necessary, let’s see how you can do it!

Well, we have broken down the entire process into 9 helpful steps so that you can go methodically step-by-step doing your catchup bookkeeping tasks. This makes the entire process less intimidating and time-consuming. Take a look below:

9 steps to catch up bookkeeping video

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Steps

Catchup Bookkeeping Steps:

Giving your chart of accounts a once-over to make sure that all entries are correctly labeled and categorized.
Checking your bank and credit card statements and comparing with internal records to spot mistakes in entries
Recheck vendor bills and match entries to ensure that you are that making correct vendor payments
Look for any unpaid or partially paid customer invoices
Track and reconcile any loan accounts and keep an eye on accumulated interest and principal amount
Recheck if you have recorded your fixed assets and depreciation correctly
Make sure that your inventory records are correct and updated
Don't mix personal and company records. Make sure they are recorded separately.
Ensure that you bank account balance and books are reconciled and check where is the discrepancy.