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However, you should still review them for accuracy before they get filed. You should be checking employee timesheets and payroll reports every week. That’s because you need to file quarterly payroll reports with the IRS and the state where the client operates. At least once a week, review employee timesheets to ensure they’re correct and get manager approval. This way, you catch any mistakes early and allow payroll to get processed on time.

Secure Copies of Receipts for Capital Items

Gain complete confidence in your monthly bookkeeping process with this checklist template. Want to be at the top of your bookkeeping game all year long and equip your employees with the right tools? You can download 32 workflow templates here for free – it includes a bookkeeping checklist template that will make accounting easier for you going forward. If you run a seasonal business, cash flow goals are even more important so you can thrive during and after peak business periods.

Download free workflow templates

A great way to streamline this step of the process is through the perfect weekly payroll template or monthly payroll template. On a monthly basis, there are a few key bookkeeping processes that need to be executed for your small business clients. Please note that if you don’t collect sales tax or fail to pay it, you may be penalized with interests, or your property may be seized, both of which will affect your credit score. 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. Standardizing your processes through a checklist will save you from the headache that comes with inconsistent work.

Although it seems pretty obvious, this task is often overlooked, which can cause unnecessary complications or emergencies if there is no available cash to spend. 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. To determine what you owe for taxes, you’ll submit a Self Assessment tax return. For example, you might use a digital spreadsheet alongside a physical ledger. Or you could use a tool that automates the bookkeeping process for you, like Countingup.

1. Ensuring that all customer payments are applied within the system will help paint a clear picture of your cash flow.
2. Increase efficiency with this best practice bookkeeping workflow process for month-end close.
3. Since they have a guide to follow, they will be able to competently complete work without needing your input or making mistakes.
4. While you’re at it, you’ll be able to identify trouble spots and make adjustments to improve your business.
5. All you need is a simple statement showing your current cash position, expected upcoming cash receipts, and expected cash payments for this period.
6. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

#9: Review Your Inventory

If you have deposits how to calculate sales tax in transit or outstanding checks, let your account reflect it so it all balances. Ensure that everything that needs to be recorded, uploaded, and categorized is properly squared away, and you haven’t missed anything over the past month. If other people are contributing to the software, confirm that they’ve also done their part to the fullest.

Your onboarding process sets the foundation for your entire relationship with a client. Get instant access to all the tools that make monthly bookkeeping tick with a free trial or demo of Karbon. Increase efficiency with this best practice bookkeeping workflow process for month-end close.

If you already have a checklist going, then you’ll surely find some gems to add to it below. Here are the most important monthly bookkeeping tasks to add to your bookkeeping checklist. With the right payment system, you can accept payments easily and efficiently to turn your profit into cash. Accepting credit card payments will make you more accessible, especially if you offer services or sell products online. As you sell products or services, you’ll need to make invoices for your customers. These invoices act accrued income as bills asking for payment for completed sales or services.

Review projected cash flow

Intuit accepts no responsibility for the accuracy, legality, or content on these sites. With so many tasks competing for your attention, it can be especially difficult to maintain your quality of work. quantity in math definition uses and examples video and lesson transcript And for your staff performing bookkeeping, consistency is another goal that can be hard to reach.

An accounting practice management tool with document management features and a secure client portal will help simplify document storing and sharing with clients. Here’s an example of bi-weekly payroll tasks from Karbon’s Monthly Bookkeeping checklist. Small business owners need to have cash flow goals, but they have to be achievable. Also, there is nothing wrong with adjusting those goals to meet the current business climate. To simplify your accounting and tax process, you may want to get an accountant.