Simple workflow templates ensure that your team will continue to use them. The big firms have set procedures in place, and small businesses can compete by setting up similar procedures using accounting workflows for each project. Juggling multiple client how to calculate monthly accumulated depreciation demands is tough, and projects rarely line up nicely one by one and wait their turn. The life of an account is full of deadlines whether the deadlines are set by clients or the IRS. Using workflows ensures that you track projects each step of the way.

  • A monthly bookkeeping checklist will save you time because it takes the guesswork out of what financial matters need to be addressed next.
  • The template subtracts payments to show a running balance for each line item and displays the total amount due to all vendors at the top of the spreadsheet.
  • There are several steps to consider when setting up an initial workflow.
  • A monthly bookkeeping checklist template will help you create a standardized, efficient, and quick workflow process to complete monthly bookkeeping for your clients.

That’s why you need to find ways to remove yourself from the day-to-day processes so you can focus on working “on” the business rather than “in” the business. When you use our monthly bookkeeping checklist, you provide your team with everything they need to complete tasks without you. They won’t need to ask you questions, nor will they need you to get involved in the process because they’ll have everything they need right within these checklists.

Review Financial Statements

By the end of this task, your actual cash position will become clearer, and you’ll have spotted any suspicious activity, double charges, or failed transactions that might have gone unnoticed over the past month. The monthly bookkeeping is the records used in the maintenance of the daily as well as the monthly business expenses and other transaction that is used in the overall business. And the business organization keeps the check on the overall expenses by keeping in the items recorded in the checklist. The checklist templates are for the use in reminding of the things needed in the bookkeeping.

See at a glance how many sales have been made to each customer in date order. As a small business owner, there are few tasks that are more important to successfully manage your business than bookkeeping. Completing this daily task allows you to build a good relationship with the bank and establish a paper trail in case any questions arise about a company’s finances. Overall, making daily deposits goes a long way toward keeping your clients’ finances in order. An income statement basically totals the income, totals the expenses, and subtracts the expenses from the income to arrive at a profit or loss figure.

Bookkeeping Client Onboarding Checklist (Free Template)

A small slip to fill in every time cash is spent from or placed into the petty cash box. Maintaining financial records requires a high degree of accuracy and attention to detail. Additionally, be sure to update your records regularly so you can catch any errors. Lastly, keep a copy of each employee’s most recent pay stubs on hand so you can reference them if any questions arise.

Best Ways to Manage Your Bookkeeping Workflow

A monthly bookkeeping checklist will save you time because it takes the guesswork out of what financial matters need to be addressed next. A checklist makes sure nothing falls through the cracks and keeps you organized and efficient so you can focus on other aspects of your business. It also ensures that you are meeting all of your financial responsibilities and deadlines.

Bookkeeping ChecklistFor When You Switch Bookkeepers

List each invoice by ID number, date, customer name, description, and amount. The template provides a running total each time you enter a new invoice and calculates the total amount invoiced to date. Record debit and credit transactions in this double-column cash book template to monitor your cash balance. Enter the date, description, and amount for each transaction, and the template will calculate subtotals and total cash balance.

Bookkeeping Checklist Templates in PDF DOC

Review revenue, expenses, and net income before and after taxes with this income statement template. The template accounts for all revenue sources and business expenses when calculating net income. Example revenue sources include sales, services provided, and interest.

This sheet displays the accounting equation
with a short description of each category. Keep a tracking register of your business assets (can be used as a personal assets register too). Use this sales register form to keep a summarized list of all your sales in date order. When ordering stock items from your vendor | supplier use this form and itemize them. There are cost and total columns but you can leave them blank if you don’t know the costs; just fill in “Item No.” and “Description”.

If you’re in a peak period or just completed one, you might want to review your inventory more often to ensure things go smoothly. Please note that if you don’t collect sales tax or fail to pay it, you may be penalized with interests, or your property may be seized, both of which will affect your credit score. This Bookkeeping to do list template from iNet Click, can be used as a visual reminder, a way of prioritising tasks and scheduling everything that needs to be done so deadlines are not missed. Remember, you can purchase my month-end procedures to ensure you have a more accurate set of books. When the work is complete, your accountant should provide you
with an adjusted trial balance, adjusting and closing entries. Continuously update and refine your strategies based on what works best for your business.