With the summer holidays almost behind us, now is the best time for small business owners to regroup, refocus, and catch up on the essential admin tasks; especially when it comes to bookkeeping. If your financial records have fallen behind, please don’t worry. It’s completely normal for business owners to struggle over the summer; whether that’s because they’re juggling childcare, or managing staff absence.
At Timewise VA, we recognise that it’s hard, so here’s a practical, step-by-step guide to help you get your books in order and finish the year well! And if you need a little extra help, drop us a contact form or contact us directly.
1. Assess the backlog and start prioritising
Start things off by reviewing how far behind things are. Ask questions like; When did I last fully reconcile my accounts? Have I chased any outstanding invoices? Work out which months need urgent attention and prioritise the essentials:
- Recording all income and expenses
- Reconciling bank accounts
- Reviewing unpaid invoices and overdue bills
Once you have a much clearer picture of where things are, you can decide how much time you can make available to catch up, or how much support you might need from a VA.
2. Understand what you’ll need to catch up on after the summer
Before diving into the admin, it’s important to save time and gather any key documents together. Use the checklist below to help you to get started:
- Bank and credit card statements for the year so far
- Access to your accounting software (Xero, QuickBooks, FreeAgent, etc.)
- Any payroll records or details of major purchases
- A list of unlogged invoices and receipts
- Notes on any new loans, assets, or income streams
Don’t worry if you’re missing anything. A good bookkeeper or VA can help you track down documents and fill in the gaps efficiently. We’ve got plenty of experience!
3. Organise your records
Once you’ve gathered up your paperwork, try improving your efficiency by organising it digitally for easier processing:
- Sort by month or category
- Use cloud storage or a secure drive
- Consider scanning receipts and invoices using tools like Hubdoc, or AutoEntry. You can also use your digital accounting software, if you have one already. If you don’t, we can suggest a system that will work for your business
Having everything in one place makes cleanup faster and more accurate.
4. Using the right tools
If you’re not already using accounting software, this is the perfect time to start. User-friendly platforms such as:
- Xero
- QuickBooks Online
- Sage Business Cloud
- FreeAgent
…can connect directly to your bank, automate categorisation, and help you stay compliant with Making Tax Digital (MTD) requirements. Remember, it’s coming – so get integrated now!
5. Reconcile and categorise transactions
To avoid getting overwhelmed, work through one month at a time:
- Reconcile bank and credit card statements against your records
- Ensure each transaction is correctly categorised (e.g. Utilities, Marketing, Insurance)
- Address any discrepancies or duplicated entries
This step provides an accurate picture of your financial position and prevents errors at year-end. Imagine how much easier this is to manage now, not in another 6 months!
6. Follow up on invoices
Now is a good time to:
- Review unpaid invoices and send reminders where appropriate
- Clear overdue supplier bills to maintain good relationships
- Adjust your cash flow forecast based on outstanding payments
Keeping on top of your receivables and payables protects your cash flow—especially crucial in the run-up to Q4.
7. Review tax deadlines
With tax deadlines on the horizon, make sure your records support the following:
- VAT returns (usually quarterly)
- AYE and National Insurance submissions
- Corporation Tax or Self Assessment requirements
Speak with your accountant or tax adviser if you’re unsure what’s due or how to prepare. If you need a little extra help, drop us a call or complete an online contact form (we’re great at taking the hassle out!).
8. Generate key financial reports
Once everything is up to date, it’s time to generate essential reports to evaluate your position:
- Profit & Loss – Are you profitable month to month?
- Balance Sheet – What does your business own and owe?
- Cash Flow Forecast – Will you have the funds to meet upcoming obligations?
These reports can guide your pricing, investment, and hiring decisions for the rest of the year. It’s really important that you get up to speed before Christmas hits, especially if you’re a products based business!
9. Build better habits
We understand that the summer can set everyone back a few months, but having good habits once you’re all caught up is a good way to stop things from piling up again. Here are a few simple habits to maintain your books more easily:
- Set aside time weekly to log receipts and invoices
- Reconcile monthly without fail
- Automate regular tasks like invoicing and expense tracking
- Store documents securely and digitally
You don’t have to do it all yourself—consider outsourcing parts of your bookkeeping to a virtual assistant or specialist if you need ongoing support.
Where to go from here?
Catching up on bookkeeping after the summer isn’t just about ticking boxes. It’s also an opportunity to take back control, avoid compliance issues, and make well-informed business decisions for the rest of the year.
With the right support, tools, and habits, you can turn a messy backlog into a clear, accurate set of books that truly supports your business growth.
Need a hand? Our support packages can vary according to your needs, making it easier to add-on and cutback from month to month. To find out how we can support your business’ finances all year-round, or just for Q3, get in touch!