DROP OF RAGE Z Monthly Bookkeeping Checklist Template Bookkeeping

And your bookkeeping is crucial when it comes to applying for financing and doing taxes. If you can’t afford a full-time employee to manage your bookkeeping needs, hire an experienced, professional bookkeeper. The next crucial monthly step is to collect the statements from the clients, including a bank statement, credit card statements, loan statements or other financial records. If this step is not already automated, you will need to collect these from your client or directly from the financial institutions if you have access. This can be very time-consuming each month and is necessary for completing the month-end reconciliation. Reconciling accounts is critical to ensure that no transactions are missed, and everything is recorded correctly.

Many accounting software systems let you scan paper receipts and avoid physical files altogether. When you were the owner of a smaller business, monthly bookkeeping may have been all you required to keep accurate financial records and projections. But now your company is growing and monthly bookkeeping—tasks like generating a monthly expense report—is just one aspect of bookkeeping tasks that seem to require every day attention. The first step is to ensure that all income and expenses are recorded in your accounting system to categorize and reconcile. Enter all the accounting data such as bills received, receipts, import/post payroll, and generate invoices. This detailed template outlines complete monthly bookkeeping steps including weekly bookkeeping, bi-weekly payroll, gathering documents, adjustments, reports, and review.

Task 2: Download Transactions from Bank Account

A solution like Jetpack Workflow will generate more accurate reports with more useful information. Without a well-documented bookkeeping process, your firm may not be meeting its full potential in terms of profitability and growth. Staff may spend more time on each client, double checking which tasks are missing. This inefficiency has a knack for snowballing as your team members play catch-up with any missed assignments. With a bit of practice, understanding financial statements is easy. Think of your Balance Sheet reports as a set of before-and-after photos, with your Profit & Loss report telling the story of what happened in between. At least once a month, reconcile every bank account against bank statements.

DROP OF RAGE 2Q== Monthly Bookkeeping Checklist Template Bookkeeping

(How did accountants get to be so warped, you may wonder?) Don’t sweat, with this table you can get your debits and credits spot on, every time. Understanding the difference between account types is the secret to coding transactions correctly. Here’s the cheat’s guide to understanding the difference between assets and liabilities, equity and income, bananas and apples. I’ll handle all of your bookkeeping and you’ll receive a monthly summary email from me. Rita is a highly motivated and organized bookkeeping professional with a 4-year accounting degree and a Masters in Business. She is also Bookkeeping Business Launch certified and QuickBooks Pro-Advisor certified.

Record and categorize expenses.

Watch the video to learn a recommended process that brings the best of Karbon and Hubdoc together that will help you fine-tune your own bookkeeping processes. Overcome the challenges your accounting firm is facing acquiring, training and retaining staff. Put together the team that will lead your practice to success.

  • Any business that reported more than $50,000 needs to make semiweekly deposits to the IRS.
  • The most important part of running a small business is knowing how much cash you have every day.
  • Keep a record of each of your suppliers that includes billing dates, amounts due and payment due date.
  • In Australia, if you’re a contract bookkeeper providing BAS services, then you must register as a BAS agent.
  • Every company, no matter the size, needs a monthly bookkeeping checklist to make sure everything is getting done and on time.

If it’s a new vendor, I will Google and try and figure out what it is and know where to categorize it, but if I can’t figure it out on my own, I will ask my client what they spent the money on. To figure out your Monthly Bookkeeping Checklist estimated tax, you should know your expected adjusted gross income, taxable income, taxes, deductions, and credits for the year. This will help you calculate your estimated business income tax for the quarter.

Review and Approve Full-Year Financial Reports and Tax Returns

Divvying up the records when reconciling your bank statement can help you stay organized and catch errors at month-end. While the process of matching your bank balance to your bookkeeping records may be cumbersome, it’s an important protocol that will help you spot any errors or fraud. Reconcile your bank accounts.Check for any discrepancies between what you think you should have and what your financial account balances show. Now that you know the costs and tools for bookkeeping services, you will be better prepared to adopt the right professional services for your business. QuickBooks is flexibleenough to work for any small business. For instance, service-based businesses often favor QuickBooks Online, which allows access from multiple locations and devices, but is not ideal for handling invoices or tracking inventory.

  • It will also help keep track of payroll expenses so you can make changes to your labor mix and stay within your own budgets.
  • This monthly bookkeeping checklist template outlines the most efficient way to complete your client’s monthly bookkeeping process.
  • Here’s the cheat’s guide to understanding the difference between assets and liabilities, equity and income, bananas and apples.
  • So, how can you simplify your responsibility of closing your books monthly?
  • She has spent over 20 years helping businesses with their accounting and bookkeeping needs.
  • It includes notes for things to talk to my client about and any questions I have about their books.
  • If you work with any vendors, you want to make sure you’re paying them on time.

Your collections process and records need to be reviewed and updated every month. Maintenance of this process will help you continue to strive to collect all money your company is due. At the end of the month, review your accounts receivable. If you have outstanding, past due invoices, you’ll want to follow up on payment at least once a month . A checklist can be helpful if you want to pass the bookkeeping responsibility onto someone else. At some point, you might want to pass your bookkeeping responsibilities onto someone else .

Easy Monthly Bookkeeping Printable Mini Course for Small Businesses

Hence, check all your vendor invoices and check if you’ve missed any payments. If you’re past the deadline on any invoices, make it a priority to settle it before the new month kicks off. A big part of not letting anything slip through the cracks is updating your bookkeeping software. It can only help you as much as you keep it updated with all possible aspects of your monthly finances.

  • If you do not have your bookkeeping under control, you caneasily face penaltiesor lose vital funds.
  • Join forces with a professional outsourced accounting team to manage your bookkeeping services and keep your day-to-day accounting tasks on track.
  • The size and complexity of a business, as well as the tradeoff between time and financial resources are important considerations to deciding if a bookkeeper is right for you.
  • Quarterly estimated tax payments, your bookkeeper must keep on top of this.
  • If you do not write down unsellable inventory, you are overstating your inventory balance and paying additional taxes that you don’t owe.
  • Bookkeeping refers to the process of organizing and recording financial transactions for a business.

If you have never hired bookkeeping services before, you might be wondering what those services include specifically. After all, you need to know that they will handle all of the financial tasks your business requires. Daily, weekly, monthly and quarterly checklists are musts for bookkeepers and accountants. We hope you took away some good tips in our best bookkeeping practices checklist over the past couple of months. If you need more information about any one of our checklists,email or callanyone on the Brigade Bookkeeping team.

How to Import an Excel File Into Quickbooks Point of Sale Software

Small business owners need to have cash flow goals, but they have to be achievable. Also, there is nothing wrong with adjusting those goals to meet the current business climate. This is also a good time to inspect your upcoming invoices to confirm that you’ve received the value you’re paying for before making payment. Review account statements from suppliers – It’s good practice to review itemized bills to make sure the charges are correct. Good preparation paired with finance process automation, as well as enforcing a clear company spend policy, makes month-end closing a walk in the park, for accountants and team members alike. Yet as teams expand and workforces become more distributed, the reality for many accountants is a series of hectic and stressful tasks that take much longer than they should. With month-end closing, it can feel like a never-ending cycle of chasing after documents throughout the year.

DROP OF RAGE 9k= Monthly Bookkeeping Checklist Template Bookkeeping

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.


Or, you might have forgotten to record the used petty cash in your books. Keep in mind, each business’s month-end accounting procedures can vary depending on the type of business, accounts, and accounting method. Outsourcing your bookkeeping to a virtual accounting firm like ours.

DROP OF RAGE 9k= Monthly Bookkeeping Checklist Template Bookkeeping

Next, If you have any past due invoices, there is no better time to send them a reminder. On the other hand, confirm that you’ve settled all your vendor invoices or reach out to them if need be. These reports will let you know if there are any invoicing errors, incorrect transactions, or duplicate invoices you should account for. Your vendors only trust you as much as you are forthcoming with your payments.

All I need to do is log into the bank, get the statement, and reconcile the account. Much of the reason is because it is paper-based and not automated. My client’s credit card is hooked up to the bank account, but I get the credit card statement and am able to categorize all the transactions from there. At the end of each month, it’s useful to review your accounts receivable and track how much your customers owe you. Keeping on top of payroll helps ensure all your staff are paid on time. The frequency of this task depends on how often you pay your employees. Therefore, many responsibilities have to be met at the end of every workday – or if you don’t have time, at least complete these by the end of every week.

How do I set up basic bookkeeping?

  1. Decide What Bookkeeping System You Need.
  2. Decide How You Will Record Financial Transactions.
  3. Choose a Good Accounting or Bookkeeping Software.
  4. Set Up a Chart of Accounts.
  5. Open Your Business Bank Accounts.
  6. Know What Payment Terms You Want.
  7. Set Up Bookkeeping System Maintenance.

It may seem daunting to keep up with so many of your business’s financial activities throughout the year. It can be a lot to handle, but you can make it easier on yourself. Join forces with a professional outsourced https://www.bookstime.com/ accounting team to manage your bookkeeping services and keep your day-to-day accounting tasks on track. Download our e-book to learn if outsourced accounting is the right fit, and get in touch to discuss your needs.


While every business has its own unique challenges and responsibilities, there are a handful of minor tasks every business owner should do to keep their business running strong. This monthly checklist will help you assess the complete health of your business. After going through each of the items outlined below, you should have a strong understanding of what your business is doing well and what can be improved.

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