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In this article, we will discuss the importance of monthly bookkeeping and provide a sample checklist that you can use to keep your books in order. If you need help getting these jobs done in a timely fashion, consider using an outsourced bookkeeping service. An outsourced bookkeeper can easily handle all weekly tasks so that you can focus on smooth business operations.
- This report shows any overlooked additional charges, such as freight, shipping, or reimbursables, that should be invoiced to the client.
- Download the business bookkeeping checklist template for use in the business.
- That way, you’re not scrambling at month-end looking for documents.
- QuickBooks even has a version for freelancers and self-employed individuals.
- If your staff members have different ways of completing work, it’s time to standardize your process to improve the quality and consistency of your firm’s work.
As a small business owner, there are few tasks that are more important to successfully manage your business than bookkeeping. 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. Odds are most of your accounts receivable are electronic payments, so you don’t need to make daily trips to the bank.
Calculate, Collect, and File Sales Tax
It’s more a matter of preference for you and your team going forward. One of the benefits of using a payroll provider is that they will handle any 1099-MISC forms or W-2s, so you’re covered on that front. However, you will also need to file business income taxes, which will require you to submit either an IRS Form 1120 or an IRS Form 1120S.
And the checklist is then used in keeping the transactions and the other items to be recorded for further use in accounting etc. Download the templates of the bookkeeping document checklist for the overall maintainence of the accounts. Can I use this law firm bookkeeping Template for weekly processes as well?
Bookkeeping Personal Tax Checklist Template
Be sure to communicate the closing date with anyone who has access to adjusting the ledger. These include income statements for the month compared to the prior month, prior year, and budget, as well as the balance sheet and fund balances. Staying on top of your bookkeeping is essential if you plan to run a tight ship at your nonprofit or church.
These reports will let you know if there are any invoicing errors, incorrect transactions, or duplicate invoices you should account for. As a business owner, you know that keeping your books up-to-date is essential for your financial health. But with so many tasks to juggle, it can be easy to let bookkeeping fall by the wayside. Payroll processing is one of the most important aspects of running a business. Whether you use a bookkeeping service or have accounting software, your staff works to get paid, and you need to take this seriously.
Review your P&L
Keep fastidious records of your inventory through your accounting software and make sure to mark what inventory you would like tracked. If you do so with the accounting software Xero, it will keep a count of your inventory items and will update the count for items purchased and sold. It will also calculate the value of the items on hand and will update your accounting records accordingly. This is an incredibly helpful tool that will ensure you are neither short nor overloaded. It’s also helpful for keeping track of what is selling and what isn’t. Your accounting software will keep track of past due invoices, as long you prepared them through your accounting software.
- And, your calendar can help you avoid falling behind on your books.
- This means every transaction- from your bank accounts to credit cards to PayPal and Shopify.
- Make sure that all vendor W-9 records and information are up-to-date.
- Download the free downloadable PDF to help you keep track of your monthly bookkeeping tasks.
- For those inexperienced with accounting duties, we are here to help.
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. By reviewing your forecasted cash flow for the month, quarter, or even the year, you can prepare ahead of time for the months in which activity decreases. As a result, your business will plan to save the excess earnings from busier months during the height of your business to offset any financial shortcomings of your off-season. As a small business owner, it is important to understand your cash flow goals. If you have yet to establish any, consider creating weekly, monthly, and annual cash flow projections.
When closing your books at the end of the month, record any payments related to your fixed assets. Record all of the receipts for items you purchased using petty cash. Make sure your receipts and records match the balance of your petty cash fund. Compare your invoices with your records to make sure you aren’t missing any customer payments. Make sure you sent an invoice to every customer you completed work for during the month.
Schedule time to review the monthly financial statements with your clients. And don’t assume they know everything in the financial statements as they are a small business owner, not an accountant. 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. Once you have already prepared your content, it is time to start making a bookkeeping checklist by creating its outline. Since it carries out the list of essential tasks that need to be covered for your single-entry or double-entry bookkeeping process, you can use tables to present data precisely.