Small Business Accounting Checklist and Infographic: 21 Things to Do and When to Do Them
The key, of course, is to create a realistic plan with a budget, record your transactions correctly, review your results regularly and always keep good records. Your comfort level with the three basic financial reports that evaluate your fiscal health is also essential: the balance sheet, income statement and cash flow statement.
small business accounting
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Daily Accounting Tasks
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1. Check Cash Position
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Weekly Accounting Tasks
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2. Record Transactions
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3. Document and File Receipts
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4. Review Unpaid Bills From Vendors
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5. Pay Vendors, Sign Checks
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6. Prepare and Send Invoices
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7. Review Projected Cash Flow
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Monthly Accounting Tasks
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8. Balance Your Business Checkbook
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9. Review Past-Due (“Aged”) Receivables
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10. Analyze Inventory Status
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11. Process or Review Payroll and Approve Tax Payments
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12. Review Actual Profit and Loss vs. Budget and vs. Prior Years
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13. Review Month-End Balance Sheet vs. Prior Period
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Quarterly Accounting Tasks
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14. Prepare/Review Revised Annual P&L Estimate
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15. Review Quarterly Payroll Reports and Make Payments
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16. Review Sales Tax and Make Quarterly Payments
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17. Compute Estimated Income Tax and Make Payment
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Annual Accounting Tasks
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18. Review Past-Due Receivables
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19. Review Your Inventory
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20. Fill Out IRS Forms W-2 and 1099-MISC
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21. Review and Approve Full-Year Financial Reports and Tax Returns
Related Checklists
