8 Lifehacks to Speed Up Monthly Bookkeeping

We are committed to sharing unbiased reviews. Some of the links on our site are from our partners who compensate us. Read our editorial guidelines and advertising disclosure.

We get it: unless you’re an accountant, balancing the books every month isn’t thrilling. So, while we can’t eliminate this inevitable task, we can help you make it a shorter exercise in endurance.

To discover the latest bookkeeping life hacks, Business.org spoke with eight executives and bookkeeping experts to find out their time-saving tricks.

Here’s what they revealed to Business.org, as recorded in their own words.

1. Have a separate business bank account

Make sure you keep your business and personal expenses on separate
bank and credit card accounts. This cuts down drastically on the number of
transactions you will need to code month to month.

-Matthew Zarder, Cloud CFO

2. Go digital

Opt for digital documentation as they are more streamlined and easier to keep track of. They can save you time and you’ll be less likely to commit mistakes when the process is automated.

-Martin Luenendonk, chief executive officer at FounderJar

3. Standardize your procedure

You can clearly explain expectations and deliverables to staff by standardizing repetitive reconciliations, allocations, and other transactions. When making to-do lists, this gives a level of consistency that most professionals value. Standardized procedures also serve as a reference for reporting more accurate data.

-Olivia Tan, co-founder of CocoFax

4. Make regular reconciliations

Do your bookkeeping daily. It's a pain to do your bookkeeping at the end of the month, and that's when you run into the most problems. So, set aside 1 hour every day to do your bookkeeping. Once you get the hang of it, the process will take significantly less time.

-Seth Lytton, chief operating officer at The Detroit Bureau

Best Small Business Accounting Software
Best overall
4.4 out of 5 stars
Best invoicing
3.9 out of 5 stars
Most user-friendly
3.9 out of 5 stars
Most affordable
3.9 out of 5 stars
Zoho Books
Best automation
3.6 out of 5 stars
Learn more about our top brands.

5. Record correct values for incoming cash

As you conduct your end-of-month bookkeeping, it is important to record all the monies that the business received during the month. Such monies include loans, payments of invoices, and other revenues. All invoices sent to customers should be included here.

-Harriet, co-founder of CocoFinder

6. Stay organized

Reconciling accounts is one of the most important month-end close processes. You can break down your accounts into three categories, as follows:

  1. Cash, checking, and savings accounts
  2. Bank loans and notes
  3. Prepaid or accrued accounts

Start with any one of these categories and work your way to the others. Doing this while reconciling your bank statement will not just help you stay organized, it will assist you better in catching any errors in the statements. This will make the overall process a lot smoother.

-Bishal Biswas, CEO at Word Finder

Find Your Money—and Keep More of It

With plans starting at $15 a month, FreshBooks is well-suited for freelancers, solopreneurs, and small-business owners alike.

  • Track time and expenses
  • Create custom invoices
  • Accept online payments

7. Get a second set of eyes to review

Before closing, double-check the information. Consider having a second pair of eyes evaluate your work before you fully shut the accounts at the end of the month. It's possible that the individual evaluating your accounting data is a manager or supervisor with previous bookkeeping expertise. If you don't have access to another individual to examine your information, double- and triple-check your own work to guarantee accuracy.

-Jonathan Saeidian, CEO of Initiate.AI

8. Use accounting software

Something that has helped me speed up my end-of-month bookkeeping is simply using software that connects directly with my business bank accounts. I still have to double-check things and upload invoices, but having all my transactions auto-populate into my bookkeeping software (Zoho Books) is a huge time saver.

-Dylan Houlihan, founder at Swift Salary

Ian Agar
Written by
Ian Agar
Ian covers human resource administration at Business.org. His expertise stems from his four years as a military HR generalist in the U.S. Coast Guard, where he held the title of yeoman and became an Oracle Peoplesoft maestro. Ian also owned an ecommerce small business for over three years and holds a bachelor’s degree in psychology. He was previously a venture capital reporter at PitchBook Data, and his work can be seen on Seeking Alpha, The Motley Fool, and Yahoo! Finance.
Recent Articles
Best Billing and Invoicing Software for Small Businesses 2022
We weighed pricing, plans, limited and unlimited features, customer service reputation, and ease of use...
young woman paying bills from home
The 10 Best Small-Business Accounting Software of 2022
To rank the year’s best accounting software for small businesses, we looked at and evaluated...
White person in beige sweater types on a calculator with one hand and on a black mobile phone with the other
The 8 Best Small-Business Accounting Apps of 2022
To rank the best small-business apps for bookkeeping, we considered each app’s features, functionality, user-friendliness,...
Young black woman with shoulder-length black hair types on a silver laptop in an office
The Best Payroll Companies for Small Businesses in 2022
We looked at 15 of the top payroll processing companies and evaluated them based on...