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Small Business Accounting Checklist
The following checklists can help you tackle tasks with the help of an accountant. Even if you have accounting software to track transactions, balance books, and send invoices, there are still important things you can do to help stay on track.
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
This creates a private checklist in your account.