task list

Touch device users, explore by touch or with swipe gestures. Learn how to record and asset purchased with a loan in QuickBooks Online. When these parameters are defined according to your goal, you will be able to ensure that your objectives are achievable within a certain period of time. Lastly, analyze the inventory, restock required products and review the excess products.

  • The frequency of this task depends on how often you pay your employees.
  • Keep in mind that in addition to state sales tax, your county, city, or even district may hold its own sales tax requirements.
  • The records need to be supporting evidence for the payroll payments.
  • There is nothing better than checking off tasks on your list as they get completed keeping you organized each month.
  • While maintaining a scheduled flow of preparing and sending them, keep the status of any outstanding invoices.

One advantage of manually backing up your data is that it also allows you to revert to an earlier version if you deleted something you shouldn’t have. It also allows you to discover errors that would be easier to fix by going back a few days and reentering data, rather than making significant adjustments. Keeping track of inventory systematically reduces theft and loss of your merchandise. Accounting is something small businesses should do on a regular basis.

Compile all financial statements

With that done, you can show your client your working systems and methods, including any relevant tools, practice management, and any naming conventions they might see when working with you. Next, give the client a tour of your file-sharing system, e.g., Google Drive. Be sure they have all the proper permissions to use it and edit files as needed. Get the names and email addresses of other employees who might need access to the system.


All businesses try to achieve proper bookkeeping management for their business. Now is the time to prepare to hand the client over to the relevant bookkeeper or team member. This includes reviewing generic processes applicable to the project and saving links to their fworkflow jobs for the right person to utilize. The payments you make to your employees, such as salaries, wages, and deductions, are documented in your payroll records.

Clean Up the Chart of Accounts

Integrations CPACharge is integrated into industry solutions to create an elevated accounting software user experience. Identify and record financial transactions in proper accounts. Process the payroll monthly even if you decide to pay otherwise, i.e., weekly or fortnightly. Review it properly before disbursing the funds to withhold or deposit any amount, if needed. A checklist keeps all the business tasks streamlined and organized.

What are the basic steps of bookkeeping?

The process of bookkeeping involves four basic steps: 1) analyzing financial transactions and assigning them to specific accounts; 2) writing original journal entries that credit and debit the appropriate accounts; 3) posting entries to ledger accounts; and 4) adjusting entries at the end of each accounting period.

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. If you’re not using cloud-based accounting software that automatically backs up your data, make sure to back up your financial data manually at least once a month. This will give you peace of mind that you won’t lose your data if you have a hardware failure or file corruption. Similar to Accounts Payable Reports helping monitor the status of your bills, Aged Accounts Receivable Reports track if your clients are paying in a timely manner. Additionally, this report alerts you of any invoicing errors, like duplicate invoices, providing you the opportunity to handle the inconsistency and prevent overstating your revenue.

Month-End close checklist for bookkeepers

Make bank deposits to reconcile your company’s bank statement. This helps to ensure that all funds are accounted for and that businesses comply with federal banking regulations. Certain accounts must be closed out before preparing the monthly financial statements to reflect the company’s true financial status. The temporary accounts need to be closed out so that the next period can start from zero. It’s important to review any past due accounts and send reminders to those customers who are late on their payments.

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Vishal Sanjay is a content writer with a passion for finance, business, and investments. With a background in accounting, he revels in digging deep into complex topics to create elegant and engaging articles that inspire readers to take action. His works have been published on leading sites such as ThriveGlobal, INTStaffing, SellCoursesOnline, and more. There is also the issue of unauthorized overtime pay – if an employee works more than 40 hours a week, you can be held liable to pay for overtime even if you haven’t authorized it.

Record and categorize all revenue and expenses

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. At the end of the month, review your accounts receivable. If you have outstanding, past due invoices, you’ll want to follow up on payment at least once a month . A comprehensive accounting checklist and task list for your small business to complete daily, weekly and annually.

If you’re entrusting this task to an assistant, be sure to double check they have been added to the correct flow. Again, remind your client that by signing the contract, you and your practice are about to solve their bookkeeping woes so they can focus on other tasks. Hopefully, by this point, your new client is excited to get started but if not, find out any concerns they have so you can address these. Read our new bookkeeping client checklist guide below, or download the entire list, including links to a worksheet you can copy. Ensure that all taxes are paid on time and that you file all required forms correctly.

Reconcile against your bank statements

Real experts know that a comprehensive and professional onboarding will provide a strong foundation and set everyone up for a successful working relationship. Better yet, it can be fantastic for brand building and an opportunity to gain feedback that could improve your practice. Review new accounts created in the closing period and check for duplications. Rename accounts to make them more descriptive and easy to understand.

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The good news isthat by using a resource such as our new bookkeeping client checklist, you can complete the steps that work for you and ignore the ones that don’t. You have been reviewing your semi-monthly payroll reports. However, it depends if the county requires quarterly payroll reports and any remaining quarterly payments. Again, it’s best if your payroll service provider completes these reports and files them.

  • Doing this will give you a picture of where things currently sit and whether or not extra work is required.
  • Find out how long each task is taking you or your team each month, and find solutions to reduce that.
  • Deposit all cash and check payments received from customers in the business’s checking account.
  • Also, annual, quarterly, and monthly sales tax returns must be filed with the state where your business is conducted.

Doing this grant accounting gives the company an up-to-date picture of its available cash. Be sure to have a statement in place that shows your current cash flow and expected cash payments & cash receipts. Make sure you have enough money reserved to pay employees, bills, and vendors in the coming weeks and months.

What is the 4 step process of bookkeeping?

The first four steps in the accounting cycle are (1) identify and analyze transactions, (2) record transactions to a journal, (3) post journal information to a ledger, and (4) prepare an unadjusted trial balance.

Collect any outstanding debts and close out your books. If you have any open invoices or outstanding debts, you’ll want to collect them before year-end. Once you’ve collected any outstanding payments, you can close out your books for the year. If you work with any vendors, you want to make sure you’re paying them on time. Every week, make sure to review your open invoices, check deadlines, and pay any vendors as necessary.

Quickly, they understand that running a company involves more than selling products or services, growing your client base, and increasing revenue. For those inexperienced with accounting duties, we are here to help. Below, we discuss the basics of creating a monthly bookkeeping checklist tailored to your business by exploring eight of the most important accounting tasks.

accounting tasks

Kathryn is a Chartered Professional Accountant with over 7 years of experience in both public practice and industry accounting. She has had the opportunity to work with a wide variety of individuals and companies, which gives her a unique perspective on what it takes to be successful in the industry. Kathryn loves all things business and productivity and has been able to combine her love for creating content into writing for accounting firms looking to improve their businesses. Is the fundamental responsibility of a bookkeeper at the end of the fiscal year. The first step to filing your year-end tax returns is to generate your annual profit/loss statement and other financial reports.

What are the basic steps of bookkeeping?

The process of bookkeeping involves four basic steps: 1) analyzing financial transactions and assigning them to specific accounts; 2) writing original journal entries that credit and debit the appropriate accounts; 3) posting entries to ledger accounts; and 4) adjusting entries at the end of each accounting period.

About Armijon

Armijon adalah dosen tetap di Program Studi Teknik Geodesi Jurusan Teknik Sipil, Fakultas Teknik, Universitas Lampung dengan jabatan akademik saat ini (th.2018) sebagai Asisten Ahli. Menyandang gelar Sarjana Teknik Geodesi dari Institut Teknologi Nasional Bandung pada tahun 1998 dan gelar Magister Teknik dari Institut Teknologi Bandung dengan konsentrasi bidang Lingkungan dan Pemukiman dari Prodi Studi Pembangunan pada tahun 2002. Telah mendapatkan beberapa hibah penelitian dan pengabdian ditingkat Universitas, serta hibah penelitian tingkat Nasional DRPM Ristek Dikti. Fokus penelitian saat ini adalah Pemodelan untuk analisis kebijakan dengan memanfaatkan Penginderaan Jauh dan Sistem Informasi Geografis.

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