World Juggling Day is one of those obscure global holidays celebrating the skill of juggling multiple items at once. Perhaps there is a full day dedicated to juggling because most of us do a lot of it in our personal and business lives.

Small business owners can especially relate to juggling. Many entrepreneurs wear most, if not all, of the hats in their business. On top of providing your product or service, you need to devote countless hours to advertising and marketing to bring in customers, managing employees to ensure smooth business operations, and bookkeeping to make sure your finances are organized and in compliance with federal, state, and local tax laws.

If you choose to do your own bookkeeping, you need to find time between servicing customers or allot some time at the beginning or end of the day to take care of the essential tasks.

Here is a checklist of minimum bookkeeping tasks you should be doing on a weekly basis:

• Balance Your Business Checkbook: It is important to know what your financial picture is when you enter each workweek. Take time to look over your accounts payable, account receivable and cash on hand so you know how much cash you can expect to have by the end of the week.

• Record Transactions: Depending on the volume of your business, you may need to record customer or client transactions daily or at a minimum weekly. Otherwise, they can pile up and it can be daunting to play catch-up.

• Record and File Receipts: Keeping an accurate record of business purchases is critical to ensure you take advantage of all available tax deductions and that you are organized in the event of an audit. You may choose to scan receipts into your computer, but it is a good idea to have backup paper copies as well.

• Process Payroll: If you have employees, there are various payroll requirements that must be met to maintain tax compliance. You may choose to pay your employees weekly or bi-weekly. Either way, payroll data should be kept up to date (at a minimum) on a weekly basis.

• Review Profit and Loss (P&L) Statements: Your P&L statement shows you whether you are in the black or in the red so far for the year. Understanding the “big picture” helps you stay motivated and helps you identify if you are on target toward your annual goals.

How to Automate your Bookkeeping Tasks: In today’s digital age, it definitely makes sense to automate the bookkeeping process. The challenge for many small business owners is they often do not know where to start. There are many software programs you can use, and QuickBooks is the most popular choice in the business world. A local accounting firm will often be able to help train you on setting up QuickBooks and customizing the software to the needs of your business. Having the support of a tax professional can prove invaluable in making sure your bookkeeping is well organized and you are in the best possible financial position.