Small Business Accounting Checklist & Infographic

monthly bookkeeping checklist

If you have deposits in transit or outstanding checks, let your account reflect it so it all balances. With so many tasks competing for your attention, it can be especially difficult to maintain your quality of work.

  • As part of your Monthly Bookkeeping Checklist, your bookkeeper should also record individual credit card purchases and revenue transactions.
  • Different banks have different types of rules, access, procedures, notifications, system syncing and reporting.
  • With the pros doing your bookkeeping, you’ll have all the benefits of perfectly balanced books and the time to devote to growing and scaling your business.
  • If you’re new to bookkeeping checklists, this is a great place to start your journey towards being more efficient.

Failing to do so could cause a great rift in your finances. The Open Vendor Deposit Report needs to ensure that orders are properly filled by the vendor. Most importantly, by reviewing this, you need to accurately record your COGS and provide an accurate net income at the end of the year. Quarterly estimated tax payments, your bookkeeper must keep on top of this. Even if you don’t make quarterly tax payments, you’ll still need to know your estimated tax returns for tax withheld.

Ecommerce bookkeeping is challenging

Recording and preparing these statements are important, but they should also be thoroughly reviewed. What trends may be affecting how your business functions? A thorough review can help you identify things before they become problems. There is nothing better than checking off tasks on your list as they get completed keeping you organized each month. Check your inventory status on a month-to-month basis to avoid being caught off guard by a shortage in supplies. If you’re in a peak period or just completed one, you might want to review your inventory more often to ensure things go smoothly. Small business owners need to have cash flow goals, but they have to be achievable.

monthly bookkeeping checklist

This will vary by business and by location but something monthly bookkeeping checklist to keep in mind to be completed regularly.

Weekly Accounting Tasks

A monthly bookkeeping checklist will save you time because it takes the guesswork out of what financial matters need to be addressed next. A checklist makes sure nothing falls through the cracks and keeps you organized and efficient so you can focus on other aspects of your business. It also ensures that you are meeting all of your financial responsibilities and deadlines.

monthly bookkeeping checklist

Missed deadlines can be a costly mistake resulting in some hefty fines and penalties. All cash, bank, and credit card accounts should be reconciled on a monthly basis to ensure that your financial status is an accurate portrayal of your business. One important part of the process is to go back and look at the undeposited funds from the previous month to see if they cleared during the current month. Just as you record any invoices sent to the client, document all customer payments as soon as the payment is received. This should take place before completing bank reconciliations and reviewing bank credit card accounts. Doing so prevents you from mistakenly contacting the client for a presumable past due or losing track of your recorded payments received.

Leave a Comment

Your email address will not be published. Required fields are marked *