Small Business Basic Bookkeeping Checklist

  • DAILY BOOKKEEPING

  • Check how much cash you have on hand

  • Be aware of incoming and outgoing payments

  • WEEKLY BOOKKEEPING

  • Record customer billings

  • Record customer payments

  • Record vendor payments

  • File vendor bills and payment records

  • Update payroll file

  • Make vendor payments

  • Prepare and send invoices

  • Review forecasted cashflow

  • MONTHLY BOOKKEEPING

  • Balance the checkbook

  • Review aged receivables (past due customer payments)

  • Check inventory and analyze its status

  • Process and review payroll

  • Meet payroll tax requirements

  • Review profit and loss compared to budget and previous years

  • Review month-end balance sheet

  • QUARTERY BOOKKEEPING

  • Evaluate annual profit and loss estimate

  • Quarterly payroll payments

  • Make quarterly sales tax payments

  • Make income tax payments

  • ANNUAL BOOKKEEPING

  • Review aged receivables. Send to collections?

  • Year-end inventory status analysis

  • Fill out IRS forms

  • Review full-year financial reports

  • Review tax returns before giving them to accountant

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