Monthly Bookkeeping Checklist: Everything You Need to Know

monthly bookkeeping checklist

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. If other people are contributing to the software, confirm that they’ve also done their part to the fullest. With so many tasks competing for your attention, it can be especially difficult to maintain your monthly bookkeeping checklist quality of work. And for your staff performing bookkeeping, consistency is another goal that can be hard to reach. No assurance is given that the information is comprehensive in its coverage or that it’s suitable in dealing with each individual’s particular situation. Kayla Prusinski does not hold a Certified Public Accountant (CPA) or similar license.

And the business organization keeps the check on the overall expenses by keeping in the items recorded in the checklist. The checklist templates are for the use in reminding of the things needed in the bookkeeping. That’s why you need to find ways to remove yourself from the day-to-day processes so you can focus on working “on” the business rather than “in” the business.

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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. One of the extra reports my client wants is a running total of all income so he can see on an overarching scale how the business is doing.

A CFO focuses on making your organization more valuable to shareholders and increasing the return on your business. They do this by forecasting cash flow, optimizing cost centers, managing corporate capital accounts, and introducing high-value processes. As bookkeeping records the matters from the daily operations of the business, it allows you to the feasibility https://www.bookstime.com/ of understanding the flow of cash in the organization. Understanding, the flow of cash can be used by the business to make future predictions as well as the policies and plans required for the growth of the business. If you are planning to start a new business or want to improve the recording procedure of the books of accounts, this article can help you.

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Free downloadable template: monthly bookkeeping checklist

That’s why AccountingDepartment.com has processes, procedures and deadlines in place to ensure that reports are filed—and received by you and all appropriate parties—in time. Before 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. Download the free downloadable PDF to help you keep track of your monthly bookkeeping tasks.

  • However, please review each task carefully and feel free to edit them to fit your firm’s unique needs.
  • Nonetheless, make sure that your bookkeeping checklist outline is enough for the amount of content you will place.
  • For example, one of them is a line plotting your net income for the year and comparing it to last year, and it can even compare it to other industries in the client’s area.
  • You must cross verify in the details that are used in the business bookkeeping and the different users in the organization.
  • A checklist allows you to break down each task and see how each can be improved, simplified, automated or delegated.
  • This can be very time-consuming each month and is necessary for completing the month-end reconciliation.
  • Our monthly bookkeeping checklist template will allow  you to effectively delegate work to your team members without batting an eye.

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. If you are withholding and paying taxes regularly, make sure you file the appropriate forms and issue payments each month. 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. 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.

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Task 6: Use “Ask My Accountant” for Questions

Having accurate financial statements and source documentation will save your clients money when they pass over to their CPA at tax-filing time. Now is the time to prepare any necessary journal entries such as accruals, deferrals, prepaid expenses, and depreciation. It is essential to create schedules for these items to ensure the amount of each entry is accurate, such as a listing for fixed assets.

After reconciling your bank and credit statements, turn your attention to Age Accounts Reports. 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. Without having this initial step thoroughly checked for accuracy and completion, you risk making mistakes in subsequent monthly bookkeeping tasks.

Below, we discuss the basics of creating a monthly bookkeeping checklist tailored to your business by exploring eight of the most important accounting tasks. Our monthly bookkeeping checklist template was carefully created to help you and your firm accurately carry out monthly bookkeeping in a timely manner. Our monthly bookkeeping checklist template was carefully created to include all the necessary steps needed to accurately complete the monthly bookkeeping process for your clients. You can also customize it to fit your firm’s needs and share it with your team members. Our monthly bookkeeping checklist template will help make the process simpler and more efficient for your firm. Bookkeeping has two different systems that bookkeepers use to calculate business books and create financial statements.

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What are monthly journal entries?

Journal entries are how you record financial transactions. To make a journal entry, you enter details of a transaction into your company's books. In the second step of the accounting cycle, your journal entries get put into the general ledger.

A solution like Jetpack Workflow will generate more accurate reports with more useful information. It’s important to have an efficient bookkeeping system in place if you want your firm or business to grow and succeed. It’s important to do this first so we can match what feeds into the bank account.

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