B2C

Small Business Accounting Checklist

Smartest investments

• DAILY

• Review your cash status

• Open your mail

• Organize and file receipts

• Record transactions (payments received and made)

• WEEKLY

• Pay bills

• Send out invoices

• Review cashflow, incl. unpaid bills (Accounts Payable) and unpaid invoices (Accounts Receivable)

• Post transactions so @ expenses are recorded and cash is counted made)

• MONTHLY

• You

• Balance checkbook and credit card statements

• Review overdue items

• Review inventory, if applicable

• Review profit and loss statements and balance sheet

• Back up your accounting software

• YOUR ACCOUNTANT

• Ask your accountant for the following:

• Copy Of bank reconciliation

• Profit & Loss, Balance Sheet and Cash Flow reports

• Budget vs Actual report Of income and expenses

• Review of tax payments for payroll, income, and sales tax

• QUARTERLY

• You

• File quarterly estimated tax payments

• Review and file quarterly payroll reports and submit quarterly payroll payments

• YOUR ACCOUNTANT

• Estimate and file quarterly income tax payments

• Compute and pay sales tax liability

• Prepare profit and loss statement

• Create and review payroll reports

• ANNUALLY

• YOU

• Fill out IRS W-2 and 1099 forms

• Take a physical inventory of raw materials and finished goods

• Update changes in your unemployment insurance rate

• YOUR ACCOUNTANT

• Provide and review full- year financial reports

• Categorize any major purchases as fixed assets for depreciation calculation

• Review and submit tax returns

• Provide list Of adjusting journal entries