Your Interior Design Bookkeeping To-Do List: What to Handle Weekly, Monthly, and Quarterly

Your Interior Design Bookkeeping To-Do List: What to Handle Weekly, Monthly, and Quarterly

I have shared my journey with bookkeeping in my interior design business MANY times. On my podcast, on other podcasts, with friends and family. And now on this blog. I will save you from the sob story. Long story short, years ago I hired the wrong bookkeeper and I trusted her with handling the books for my interior design business. I added her on all of my accounts and welcomed her into my business. She was wonderful until she wasn’t. She, herself, was amazingly sweet and so nice. But unfortunately she filed my sales tax incorrectly for my business which resulted in many tears and thousands of dollars. 

That is why it is so important to properly vet the people you invite into your business. And to also spend time in your business finances on a weekly, monthly & quarterly basis. 

By following this checklist you can feel more confident as a business owner and run a kick ass interior design business. 

WEEKLY Bookkeeping Tasks

Keep your numbers fresh and stay on top of things

• Record new expenses ie. Material expenses, software expenses, lunches, mileage. 
• Reconcile bank/credit card transitions. 
• Send invoices AND follow up old past due invoices (very very important)
• Make it fun by picking a specific day ie. Financial Fridays or Money Mondays

MONTHLY Bookkeeping Tasks

Zooming out to view the bigger picture

• Review profit & loss (are projects bringing in profit?)
• Categorize and clean up random transactions
• Process payroll for employees or subs
• Set aside tax savings based on the revenue for that month

QUARTERLY Bookkeeping Tasks 

Strategic checks for business growth

• Review all financial statements (P&L, Balance sheet, cash flow)
• Analyze profitability by project and/or by category 
• Adjust pricing, overhead and look at trends

If any of this made your head want to spin honestly it made my head want to spin too just writing it. If you feel like Bookkeeping is just not your thing you can reach out to the amazing Kathryn at www.thedesignerscfo.com She is kick ass as bookkeeping and also can help you with all things strategy.