Bookkeeping checklist
The requirement is to create a bookkeeping checklist to have a piece of mind and to sleep at night. As money is the lifeblood of any business, accounting tools, and bookkeeping must be adequately maintained daily, monthly, and annually. If not, you will also lose all your money and the business.
You will also become aware of the control by creating a step-by-step bookkeeping checklist.
• A person handling cash will not do the recording of the transaction.’
• Separate payment authorization and sign a check for the same.
• Do not give all the responsibility to one person unless it’s yourself.
So, the bookkeeping checklist will remind you as to WHAT NEEDs DOING AT A PARTICULAR TIME. You will not miss anything when you follow it carefully.
Weekly
Checking bank balance
Sales invoice payments.
Suppliers bill payments
Save and organize receipts
Weekly invoicing to credit customers
Categorize transactions to software
Move money to a savings account.
Monthly
Follow–up on unpaid invoices
Pay contractors
Pay yourself
Reconcile the bank account.
Get income statements
Balance sheet
Any other reports?
Quarterly
Estimate tax payments
Review Prior Quarter’s Goals to Actuals
Set Next Quarter Goals
Follow-Up on Unpaid Invoices, Write off or Send to Collections
Invest profit on you.
Annual
Reports Requested from Accountant
Review Annual Reports Against Goals
Set New Year Goals
Reassess Your Salary, Profit, Tax Savings, and Expenses