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Monthly Finance & Accounting Tasks
A well-organized financial system is critical for tracking cash flow, staying compliant, and making informed decisions. Below is a step-by-step checklist to ensure your small business finances are set up correctly.
Bookkeeping & Record-Keeping
Track income & expenses (use accounting software like QuickBooks, Xero, or Wave).
Reconcile bank & credit card statements (match transactions with your books).
Organize receipts & invoices (use tools like Expensify or Shoeboxed).
Review unpaid invoices and follow up on overdue payments.
Cash Flow Management
Update cash flow projections (ensure you can cover upcoming expenses).
Monitor accounts receivable (send reminders for late payments).
Manage accounts payable (schedule vendor payments to avoid late fees).
Tax & Compliance
Set aside estimated taxes (quarterly for self-employed/business owners).
Verify payroll tax payments (if you have employees).
Review sales tax filings (if applicable).
Quarterly Finance & Accounting Tasks
Review profit & loss (P&L) statement – Identify trends and adjust budgets.
Check inventory levels (if applicable) and adjust ordering.
Meet with your accountant to discuss tax strategies or financial concerns.
Evaluate business credit score (Dun & Bradstreet, Experian Business).
