Monthly Bookkeeping Checklist: A Quick Guide & Free Template

monthly bookkeeping checklist

Hence, it is imperative to make sure that every data placed in the bookkeeping tracker are accurate. Many of the essential bookkeeping tasks relate to the day-to-day financial transactions of your business. 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.

  • This is a general guideline, so be sure to consult with your CPA or your in-house team to confirm what is necessary for you.
  • Business owners have plenty on their to-do lists, and it can be tempting to put off tasks that don’t seem pressing at the moment.
  • Making a useful and efficient bookkeeping checklist is not a hard task.
  • Certain aspects of inventory management are beneficial to do more frequently than on a weekly basis to keep updated information on stock.

This will ensure you not only have enough to cover expenditures, but alert you quickly of any potential thefts or potential errors. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities.

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With this, bookkeepers will be able to ensure that all the necessary data and information to be used in bookkeeping will be gathered. Besides investing in useful accounting software, you can use a to ensure nothing falls through the cracks. Your team will breeze through their assignments and quickly see what’s completed. 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.

What does monthly bookkeeping include?

Monthly bookkeeping services consist of a variety of data entry, accounts reconciliation, and reporting tasks that keep your books accurate and up-to-date so you have a clear picture of your business's finances at any given time.

Paying employees every week (or every other week) also helps prioritize payroll tax withholding and check employee timesheets. If your employees clock more than 40 hours a week, you might be liable to pay them overtime. It doesn’t hurt to keep a close watch on their timesheets to avoid surprises and allocate budgets accordingly. We know that tracking all your receipts, invoices, and other essential documents can be challenging. However, it’s imperative for tax purposes and internal records to have an audit trail to use if you find errors when balancing the books at the end of the month.

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Doing this monthly also reduces the risk of fraud or misuse related to business finance. This implies efficiency in the recording of transactions and precise books. Invoices play a key role in every finance management, irrespective of the nature or size of the business. As a business owner, you should keep a check on all the business-related invoices, of both customers and vendors. This will help you to organize your monthly expenses more efficiently. You can keep track of months with the highest vendor invoices and months with the lowest customer invoices, which will help you understand the supply and demand scale of the business.

However, paying employment taxes to the IRS is a monthly requirement for some small businesses. They keep track of accounts payable and receivable to ensure accurate financial statements. Important Monthly Bookkeeping ReportsIt’s important that all these tasks be completed monthly in a timely manner to keep your business on track. That’s why has processes, procedures and deadlines in place to ensure that reports are filed—and received by you and all appropriate parties—in time. If you need help with weekly, monthly, or annual bookkeeping tasks, we are here to help. At Remote Quality Bookkeeping, we provide cost-effective, efficient, and accurate bookkeeping services for small businesses and franchisees throughout the United States.

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In doing so, you may utilize any software application of your choice as long as it enables you to craft columns and rows as neatly as possible. Nonetheless, make sure that your bookkeeping checklist outline is enough for the amount of content you will place. Before you begin making a bookkeeping checklist, it is essential to prepare all the needed content to be placed on it first. Bookkeeping checklists are used by bookkeepers to layout specific accounting tasks to make sure there’s no data being missed out.

Bookkeepers record your income and expenses so you have the information you need to make informed decisions for your company. Having accurate financial statements and source documentation will save your clients money when they pass over to their CPA at tax-filing time. If your clients have employees, you may be completing payroll bi-weekly or monthly. This may also be outsourced and need to be imported into the financials. Either way, this will need to be completed and payroll deductions submitted. Download the free downloadable PDF to help you keep track of your monthly bookkeeping tasks.

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Furthermore, failing to collect sales tax from a client could be to your detriment. As a seller, if you fail to collect and/or pay a sales tax, the tax authorities will assess penalties and interest if they determine an amount unpaid. They can ultimately take assets or put liens on them, which negatively impacts your credit. As a small business owner, there are few tasks that are more important to successfully manage your business than bookkeeping. Given that tax-time is one of the most stressful and complex periods for small businesses, it’s extremely helpful to consider the services of an outsourced bookkeeping service like SynkBooks.

monthly bookkeeping checklist