Monthly Bookkeeping Checklist Remote Quality Bookkeeping

Taxes aren’t just a yearly thing when you run a small business, so stay up to date and informed. Stay on top of sending invoices—it’s helpful for customers and your team. Send them out while your services are still fresh in customers’ minds.

Therefore, regularly review all vendor invoices and accounts to ensure that you are up-to-date on all payments. Additionally, always inspect your incoming bills, making sure you received what you paid for. If everything appears normal, make the payment accordingly and file it as an outgoing expense. Now it’s time to reconcile, which simply means that you’re comparing your records against a report or source outside of your accounting software. The most common form of reconciliation is bank reconciliation, or comparing the records from your accounting software with your bank statements.

Record and issue payroll

Our monthly bookkeeping checklist template will help make the process simpler and more efficient for your firm. Besides investing in useful accounting software, you can use a monthly bookkeeping checklist to ensure nothing falls through the cracks. Your team will breeze through their assignments and quickly see what’s completed.

• The Open Client Deposit report reveals any proposal or retainer deposits received from a client yet to be applied on a client invoice.
• The sample bookkeeping checklist is the area where you must and should also allow maintaining in the checklist involving the items used.
• And the business organization keeps the check on the overall expenses by keeping in the items recorded in the checklist.
• Below, we discuss the basics of creating a monthly bookkeeping checklist tailored to your business by exploring eight of the most important accounting tasks.
• Download the templates of the bookkeeping is that which is used in keeping on track of the accounts.
• Edit the example line items to list all of your current and long-term assets and liabilities, and view subtotals for each section and column.
• Without a well-documented bookkeeping process, your firm may not be meeting its full potential in terms of profitability and growth.

You want to review how much cash you need on a month-to-month basis and make at least that much available. If you have any cash-intensive plans in the coming month, you should make allowances for that as well. When the work is complete, your accountant should provide you
with an adjusted trial balance, adjusting and closing entries. The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done.

Firm of the Future

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. You have a few options when it comes to keeping tabs on your daily bookkeeping checklist. Completing this daily task allows you to build a good relationship with the bank and establish a paper trail in case any questions arise about a company’s finances. Overall, making daily deposits goes a long way toward keeping your clients’ finances in order. For instance, if your vendors offer early payment discounts, schedule the payments early to take advantage of them. Otherwise, set payment reminders so you can pay your bills on time and avoid late fees.

However, please review each task carefully and feel free to edit them to fit your firm’s unique needs. This is also a good time to inspect your upcoming invoices to confirm that you’ve received the value you’re paying for before making payment. A big part of not letting anything slip through the cracks is updating your bookkeeping software. It can only help you as much as you keep it updated with all possible aspects of your monthly finances. A solution like Jetpack Workflow will generate more accurate reports with more useful information. The same is true when preparing T2s based on financial information that your client has provided to you.

Vendor W-9 Benefits

Many accounting software systems let you scan paper receipts and avoid physical files altogether. The checklist is there to remind you of the various points required in the transaction process done in the business. Download the templates of the bookkeeping checklist that will help in getting the idea of the entire bookkeeping process. The monthly bookkeeping checklist must have in the various transaction that takes places in and out of the business. And the business transaction is the outflow and inflow of the various cash like the petty cash used in the business and other areas. And the monthly bookkeeping checklist is done on the various things used in the business.

It’s also a good time to review pending transactions for any errors or abnormalities, so you can investigate potential issues promptly. Just like owning your home and staying on top of bills to keep the lights on, your business has several monthly bookkeeping services obligations that can be outsourced. 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. Be sure to include an “aging” column to separate “open invoices” by the number of days a bill is past due. The beginning of the month is a good time to send overdue reminder statements to customers, clients, and anyone else who owes you money. Create a payroll file sorted by payroll date and a bank statement file sorted by month.

Staff may spend more time on each client, double checking which tasks are missing. This inefficiency has a knack for snowballing as your team members play catch-up with any missed assignments. Sometimes you monthly bookkeeping checklist only need your financial statement presentation to conform to the Income Tax Act. A bookkeeping checklist when switching
bookkeepers or preparing your tax information for your accountant is
really handy.