As a small business owner, you know that if you don’t stay on top of your finances, things can quickly get out of hand. Accounting and bookkeeping are tasks that, if regularly managed, don’t have to take up much of your time. You need a small business accounting checklist to help keep your finances organized.
If you’re working with an accounting firm or virtual accountant, make sure they’re following this checklist to ensure nothing is falling through the cracks!
These checklists are for daily, weekly, and quarterly accounting tasks. Most business owners don’t spend time tracking and keeping up with finances daily, and that can be a costly mistake. Each small business accounting checklist task is short, easy to complete, and will help you make sure your small business is organized and up to date with all financial responsibilities.
Daily Small Business Accounting Checklist
These are small business accounting tasks you should take care of daily. Things can change quickly, and if you do daily checks errors can be caught before damage is done.
- Make note of all incoming and outgoing payments. With a list of all the money entering and leaving your business, you can mentally plan for your cash flow the next day.
- Every morning, check your business bank account and keep track of the amount of cash you have. If you check every day, you can catch fraudulent or accidental charges quickly while knowing exactly how much money you have available to spend.
Weekly Small Business Accounting Checklist
Do these tasks every week to make sure you’re keeping your finances organized and up to date.
- Make sure you’ve paid your employees on time. Falling behind on payroll will lower office morale and damage trust between you and your employees.
- Do all your invoicing – send out your business’ invoices for the week and pay any invoices that are due. Make note of any invoice due dates that are upcoming and plan for them.
- Take the week into account and update your forecasted cash flow. Based on the cash you’ve made this week, should your weekly forecast be updated to account for expected results next week?
Quarterly Small Business Accounting Checklist
Take care of these tasks once every quarter. If you’ve been keeping up with your daily and weekly checklist, the quarterly should be no problem!
- Analyze your annual profit and losses. Take a look at the cash you’re bringing in, how much of it is profit, your expenses, and the cost of sales. What are you left with? Does this seem to be in line with your annual projections? If not, you’ll be able to make changes while there’s still time in the fiscal year.
- Make an income tax payment. If you’re self-employed or a business owner, you know that tax time can be a real headache if you haven’t been saving up for your tax payment. By making a smaller payment each quarter, you lessen the load that would normally fall on you all at once.