9 Key Monthly Bookkeeping Checklist Items Free Template

monthly checklist for bookkeepers

By maintaining up-to-date records, you’ll be able to make informed financial decisions and stay on top of your business’s financial health. An efficient system for handling business finances is at the heart of every successful business, whether it is an accounting firm or any other small company. Finance planning problems make up 66% of the most common reasons for start-up failure. The next two tabs are “pain points” and “goals,” and these track where I can be more efficient or the struggles I’m having in certain areas.

Take the time to strategize and get back on course if you’ve strayed. QuickBooks, Wave, and FreshBooks are among the best accounting software for self-employed and freelancers. Debits and credits refer to values coming into and out of an account, respectively. Balancing a ledger refers to the act of making sure the total debits and credits equal the same amount or cancel out to zero. The CRA collects income taxes, so be sure to review your year-to-date P&L to see if you owe any estimated taxes for that quarter.

The Essential Bookkeeping Checklist for Small Businesses

From getting paid to making your own payments, be sure to check off all the boxes, so you can keep planning toward a successful future. Keep copies of all invoices sent, all cash receipts (cash, cheque, and credit card deposits), and all cash payments (cash, cheques, credit card statements, etc.). A bookkeeper’s job is to keep track of all the money that flows in and out of your clients’ accounts. This helps your clients know how much money they have to work with at any given time.

monthly checklist for bookkeepers

You want to know the fiscal health and standing of your small business. Of course, your accountant will ensure that your return is error-free, but you should review it, so you know your business position and where you’re going. Take a look at your revenue, cost of sales, gross profit, and expenses.

Invoice Tracking Template

This essential task assists your clients in making vital financial adjustments when needed. This payroll register template includes a pay stub and a register of employee information to help you process payroll. The pay stub tab displays payment and withholdings for an individual employee, while the register lists employee job titles, salaries, vacation and sick allowance, and pay schedule. It also shows pre- and post-tax deductions, such as 401(k) contributions and insurance, and federal and state taxes. Customize with a logo and business details, and enter an invoice number, date, customer ID number, and payment terms for each invoice. Fill in the itemized list of payments due, and adjust the tax percentage to calculate the total amount owed.

  • They maintain accurate records of daily financial activities and manage accounts payable and accounts receivable.
  • Take a look at your revenue, cost of sales, gross profit, and expenses.
  • Managing finances doesn’t have to be the bane of your professional existence.
  • This list has been helpful for me to keep up-to-date and on track with my client’s books.
  • It allows easy reconciliation for just the business bank accounts.
  • Plus, you can make more informed business decisions about how to spend it.

You’ll have your Profit and Loss Statement, Balance Sheet, and Cash Flow Statement ready for analysis each month so you and your business partners can make better business decisions. Managing finances doesn’t have to be the bane of your professional existence. Nor does it have to take you away from the personal reasons you started your business in the first place. 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.

Statement of Account Template

Kayla Prusinski does not hold a Certified Public Accountant (CPA) or similar license. This blog article is to provide general information only, does not constitute tax or legal advice, and cannot be used or substituted for tax or legal advice. Savvy Bird Consulting, LLC is not responsible for the implementation or outcomes this monthly checklist for bookkeepers material may have. It usually takes me about five minutes to get the statement and about fifteen minutes or less to reconcile the account. My client is happy with the flow of things, so we haven’t transitioned to a more automated system, but because of the extra paper it is more time-intensive than it probably needs to be.

monthly checklist for bookkeepers

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