Bookkeeping Checklist: What questions we ask when reviewing your books

Create a payroll file sorted by payroll date and a bank statement file sorted by month. Many accounting software systems let you scan paper receipts and avoid physical files altogether.

At some point in the month, I need to get the deposit book from them so I can record all the income information for them. As a bookkeeper you don’t always have to do it that way, but it is best practice to enter checks before they show up in the bank feeds. If you are looking for an easier way to implement this template in your firm and share it with your team try our accounting workflow management solution, Financial Cents, monthly bookkeeping checklist for free. You want a bookkeeper who is experienced in the services you need, stays up-to-date on relevant regulations and industry knowledge, and is easy to communicate with. On the other hand, product-based industries love QuickBooks Desktop because of its inventory tracking and batch invoicing capabilities and industry-specific features. Your bookkeeper will know which version of QuickBooks works best for your business.

Record payments you receive; deposit cash and checks.

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. Kevin Brouillard is a writer, Returned Peace Corps Volunteer, aspiring goat farmer, and finance specialist based in Upstate New York. In addition to covering small business topics for Merchant Maverick, he has experience writing about environmental issues, travel, and personal finance. The Letter of Agreement you present to your clients might be the most important document you as an interi… When I added up all the hours, it was around five hours total for the month.

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. Imagine having a clear checklist of the tasks you need to complete every month for your clients. Each task can be delegated or automated, saving time and money for your firm. Prepare quarterly payroll formsand make quarterly tax payments.

Open Client Deposit Report

As soon as you send billing statements and invoices to customers, make a record of it where you can easily assess the status of customers’ payment positions. If you notice a past due, send the client a friendly reminder to submit payment. Instead of waiting for a monthly bank statement, businesses can reconcile their bank accounts every week. By simply logging into an online bank portal, businesses can compare the bank account balance against their book balance as frequently as they want. Performing this task on a weekly basis helps businesses promptly address any inconsistencies and detect fraud before it becomes a larger issue. Small businesses with employees need to include payroll within their bookkeeping tasks. Start a suppliers file, sorted alphabetically, (Staples under “S”, Costco under “C,”etc.) for easy access.

Make sure the bills you’re paying for your business have been paid on time and are accurate with this report. Address any incorrect or uncategorized transactions to ensure your net income is reported accurately. You won’t know unless you look at the accounts receivable report. After reviewing it, send out any reminders that need to go out. Look at each of these reports monthly, if not more frequently, both on your own and in conjunction with your financial team to keep your business on track.

Quarterly Accounting Tasks

This list of bookkeeping tasks may seem daunting, but they’re doable with proper planning and scheduling. To start, here are nine bookkeeping duties you should do every week. There are bookkeeping tasks that need to be done on a weekly, if not daily, basis. Devising a system that works for your work style and schedule can help make the small changes to your habits needed to stay on top of weekly bookkeeping tasks. 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. Yet, letting certain responsibilities build up, like bookkeeping, can leave small businesses vulnerable to cash shortages, delayed payments, and disruptions to inventory.

• If you have never hired bookkeeping services before, you might be wondering what those services include specifically.
• Work with them to add value to their business’s financial information by explaining everything to them over time, allowing them to make profitable business decisions moving forward.
• You have enough to do at that time, and the last thing you need is any surprises.
• Review this report to confirm your invoicing generates in a timely manner and monitor the proper distribution and application of the client’s funds.
• When you were the owner of a smaller business, monthly bookkeeping may have been all you required to keep accurate financial records and projections.
• Taxable income to a tax return form – either Form 1120 or Form 1120, depending on your corporation structure.

And for your staff performing bookkeeping, consistency is another goal that can be hard to reach. Review projected cash flowand consider making pricing adjustments. The Essential Ecommerce Bookkeeping Checklist takes the guesswork out of managing your accounts. https://www.bookstime.com/ That’s why we’ve collated the best practice processes for ecommerce bookkeeping. Bookkeeping gives you important visibility over the health of your business’ finances. This allows you to make informed decisions over the future of your operation.

At month’s end, prepare a chart or list of clients who have an outstanding balanced owed to the business. Record all payments, generate statements and initiate collection efforts with customers who are late. This detailed workflow template outlines detailed monthly bookkeeping steps including weekly bookkeeping, bi-weekly payroll, gathering documents, adjustments, reports, and review. Split into seven sections, it includes critical details for each step including task owner, duration and due date.

In addition, statements of shareholders’ equity – if applicable. As part of your Monthly Bookkeeping Checklist, your bookkeeper should also record individual credit card purchases and revenue transactions. This is important because they will be part of your tax documents.