Weekly Tasks
1
Record all income received during the week, including invoices paid, cash sales, and any other revenue streams. Make sure each transaction is properly categorized.
2
Enter all expenses and bills as they come in. Attach digital copies of receipts to the corresponding transactions for easy reference during tax time or audits.
3
Review and categorize transactions from the past week in your accounting software. This includes bank transactions, credit card charges, and any cash payments.
4
Send out invoices to clients for work completed or products delivered. The sooner you invoice, the sooner you get paid.
5
Follow up on overdue invoices. A quick reminder email can often prompt payment without damaging client relationships.
6
Review your cash flow position to understand how much money you have available and what's coming in or going out soon.
Monthly Tasks
1
Process payroll if you have employees, ensuring all taxes and withholdings are calculated correctly.
2
Pay any bills that are due and schedule payments for upcoming obligations to avoid late fees.
3
Review and pay any sales tax collected to the appropriate tax authorities, if applicable in your jurisdiction.
4
Reconcile all bank and credit card accounts to ensure your books match your actual account balances. Address any discrepancies immediately.
5
Review accounts receivable and send statements to clients with outstanding balances. Implement a more aggressive collection process for significantly overdue accounts.
6
Review your profit and loss statement to understand your revenue, expenses, and overall profitability for the month.
7
Review your balance sheet to see your assets, liabilities, and equity position.
8
Review your budget versus actual spending to identify any areas where you're over or under budget.
9
Back up your accounting data to protect against data loss.
Yearly Tasks
1
Prepare and file your business tax returns or provide all necessary documents to your accountant well before the deadline.
2
Generate and send 1099 forms to contractors who were paid $600 or more during the year (US requirement, due by January 31).
3
Review and pay any year-end tax obligations, including estimated tax payments for the upcoming year.
4
Meet with your accountant or financial advisor to review the year and plan for the upcoming year, discussing tax strategies and business growth opportunities.
5
Close out the fiscal year in your accounting system and prepare for the new year.
6
Review your business performance for the entire year, analyzing trends in revenue, expenses, and profitability.
7
Conduct a physical inventory count if you sell products, and reconcile it with your inventory records.
8
Set financial goals and create a budget for the upcoming year based on your past performance and growth objectives.
9
Organize and archive all financial documents from the year, including receipts, bank statements, tax documents, and invoices. Keep these for at least seven years.
10
Review your chart of accounts and clean up any unused or redundant categories.
11
Review and update your business insurance policies to ensure adequate coverage.