Streamline Your Business Processes: A Monthly Checklist for Effective Bookkeeping and Procurement

During your month-end close process, you need to reconcile all of your accounts. To do this, match your records to your account statements from outside entries, such as the bank. Make sure your records for the month are accurate by performing a bank statement reconciliation.

This best practice template was featured in Efficient bookkeeping workflows with Karbon and Hubdoc. 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. Check your aged receivables (past-due invoices) for any significant accounts. Decide whether you think the customer will eventually pay and either send the past due bills to a collection agency or write them off for a deduction. Complete all of your federal or state payroll reports that are due. Some states require that these be reported monthly or quarterly.

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Can I use this Monthly Bookkeeping Checklist Template for weekly processes as well? This checklist template is specifically for monthly bookkeeping. This information will be used to generate the profit and loss statement and as supporting documents for your taxes or any audits that may come your way. Payments taken with credit cards count as business revenue, and qualified business expenses are tax deductible. Most of your money is probably coming from credit card sales and ACH transfers. But for some small business owners, cash and checks are king — This money needs to be deposited in your bank account.

• Join over 1 million businesses scanning & organizing receipts, creating expense reports and more—with Shoeboxed.
• Not only should payroll be issued, but it also should be accurately recorded.
• Ensure that everything that needs to be recorded, uploaded, and categorized is properly squared away, and you haven’t missed anything over the past month.
• Once you have already prepared your content, it is time to start making a bookkeeping checklist by creating its outline.
• On your calendar, plan out when you’re going to collect reports, record transactions, and close your books.

It is simply listing bookkeeping assignments that bookkeepers must do to keep everything running smoothly. But, if you want to make sure that you are doing it right, you might as well follow https://dodbuzz.com/running-law-firm-bookkeeping/ some tips. In this article, we have provided you some essential pointers on making an effective bookkeeping checklist that you can use during your business’ bookkeeping process.

How to fill out bookkeeping checklist pdf form

You can download 32 workflow templates here for free – it includes a bookkeeping checklist template that will make accounting easier for you going forward. In addition to recording money coming in, part of your accounting duties is staying on top of cash going out. All vendor invoices should be paid once per week instead of monthly. Before you close out your books for the year, double check that all your financials are in order. Using the information you have on file, compile a year-end balance sheet, P&L statement, and cash flow statement.

• But for some small business owners, cash and checks are king — This money needs to be deposited in your bank account.
• Understanding daily transactions are crucial to help you track how much cash your company has and how much it owes to others.
• This task keeps you from making the mistake of contacting customers who have already paid you for the same invoice.
• Having this simple process and workflow in place that can evolve and be customized will save you time in the long run, minimize errors and save your firm money.
• While maintaining a scheduled flow of preparing and sending them, keep the status of any outstanding invoices.
• From managing invoices to tracking expenses and optimizing procurement procedures, a streamlined approach can save time, money, and resources.

As you make your way through your bookkeeping cleanup checklist, you want to ensure that you are up-to-date with paying your taxes. Whether you filed an extension or it’s time to start paying regularly quarterly taxes, your newly organized bookkeeping will help you pay on time and consistently. Paying your taxes quarterly can help you avoid unnecessary fees or sticker shock when your annual taxes come due. You can self-pay on the IRS website or talk with your accountant about how to determine the amount of taxes you should be paying quarterly.

Review your P&L

I also suggest you stay right to the end, so I can tie everything back together, and you can see why all of this is so important. 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.

Download your free Bookkeeping Best Practice template to personalize and use in your bookkeeping or accounting firm. Depending on your bookkeeping software, you may be able to automatically categorize transactions as they occur, which helps keep your bookkeeping updated. We suggest bi-monthly tasks to be done on Friday afternoons or Monday mornings. Get up and running with free payroll setup, and enjoy free expert support. Try our payroll software in a free, no-obligation 30-day trial. Use your inventory count to make adjustments and reconcile your books when you complete your end-of-the-month procedures.

It allows easy reconciliation for just the business bank accounts. Cross-referencing the books against the bank statement and other source documents to confirm accuracy or reviewing the client’s work. Calculating and filing sales tax in a timely manner is of utmost importance. Your business is responsible for the calculation, collection, and payment of sales tax if you reside in one of the 45 participating states. 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.

I highly recommend using a CPA or tax service to make sure this is done correctly and on time. Record all the expenses you accrued over the course of the week. Be sure to note if they were used for a specific fund, such as a grant or mission fund. Here’s a quick breakdown of each item on the Bookkeeping Checklist to help you understand a bit more about how to accomplish these tasks for your organization.

Without having this initial step thoroughly checked for accuracy and completion, you risk making mistakes in subsequent monthly bookkeeping tasks. Aside from helping business owners identify their company’s financial health status, accurate bookkeeping also gives several perks that companies will surely benefit from. Bookkeeping allows entrepreneurs management cash well, helps in business decision-making, and reduces risks. Hence, it is imperative to make sure that every data placed in the bookkeeping tracker are accurate.