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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.
Daily Accounting Tasks
1. Check Cash Position
Weekly Accounting Tasks
2. Record Transactions
3. Document and File Receipts
4. Review Unpaid Bills From Vendors
5. Pay Vendors, Sign Checks
6. Prepare and Send Invoices
7. Review Projected Cash Flow
Monthly Accounting Tasks
8. Balance Your Business Checkbook
9. Review Past-Due (“Aged”) Receivables
10. Analyze Inventory Status
11. Process or Review Payroll and Approve Tax Payments
12. Review Actual Profit and Loss vs. Budget and vs. Prior Years
13. Review Month-End Balance Sheet vs. Prior Period
Quarterly Accounting Tasks
14. Prepare/Review Revised Annual P&L Estimate
15. Review Quarterly Payroll Reports and Make Payments
16. Review Sales Tax and Make Quarterly Payments
17. Compute Estimated Income Tax and Make Payment
Annual Accounting Tasks
18. Review Past-Due Receivables
19. Review Your Inventory
20. Fill Out IRS Forms W-2 and 1099-MISC
21. Review and Approve Full-Year Financial Reports and Tax Returns
This creates a private checklist in your account.