How to Do Bookkeeping for Small Businesses 2023 Guide

monthly bookkeeping checklist

Kathryn is a Chartered Professional Accountant with over 7 years of experience in both public practice and industry accounting. She has had the opportunity to work with a wide variety of individuals and companies, which gives her a unique perspective on what it takes to be successful in the industry. Kathryn loves all things business and productivity and has been able to combine her love for creating content into writing for accounting firms looking to improve their businesses. Reviewing the Work in Process report ensures that you are invoicing your clients for any merchandise you already purchased.

monthly bookkeeping checklist

Though you need to make quarterly sales tax payments, calculating and filing the sales tax on a monthly basis helps make the quarterly payment process less inundating. Keep in mind that in addition to state sales tax, your county, city, or even district may hold its own sales tax requirements. Before law firm bookkeeping we jump into the essential bookkeeping checklist for small business owners, let’s quickly touch on why it’s so important to have a bookkeeping checklist in the first place. Before you begin making a bookkeeping checklist, it is essential to prepare all the needed content to be placed on it first.

One simple tip to keep your business financials updated is to do at least one thing every week.

Let’s look at some tasks you can add to your monthly bookkeeping checklist that will ensure your firm is more profitable and ready for scalable growth. Bookkeeping has two different systems that bookkeepers use to calculate business books and create financial statements. This refers to companies or organizations with uncomplicated and minimum transactions.

Keep in mind, each business’s month-end accounting procedures can vary depending on the type of business, accounts, and accounting method. Go over your financial reports for the year and see how your practice has done. Apply what you have learned this year to set your goals for the following year. This is another time I recommend you make use of a financial consultant who can help you set your financial road-map for the following year. The IRS has a February 1 deadline that requires you to report the annual earnings of your full time employees (W-2s) and independent contractors (1099s).

How to fill out bookkeeping checklist pdf:

That way, you’re not overloaded with an entire laundry list of to-dos. Send me an email at to see if we are a good match to work together. The first step is to ensure that all income and expenses are recorded in your accounting system to categorize and reconcile.

Contact us here at Navitance to learn more about our outsourced bookkeepers. Weekly bookkeeping tasks should include inventory management of your employee’s timesheets so you know their expense vs. points 1-4 (and what’s to come within this post). Most of your transaction entries will come from vendor payments and customer receipts. I like paying vendor invoices once per week because the terms for each vendor vary. One bill might say “due upon receipt,” while another might be “due within 30 days.” It can be confusing trying to keep track of different due dates.

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