Keep Your Company’s Bookkeeping In Check

According to the Small Business Administration, 28 percent of companies go bankrupt due to problems with the financial structure of the company. However, many of the problems could have been avoided by establishing good accounting practices.

The biggest practice that can save your business is to record everything, as every single expense counts. In addition, keeping records well organized will be vital to keeping your company financially healthy and helping you make more informed business decisions.

Following is a checklist to help keep your small business’s accounting and bookkeeping in check throughout the year. If you don’t feel like you have enough time to dedicate to your bookkeeping, see if Alloy Silverstein’s Small Business Services division has a solution for you.

Small Business Bookkeeping Checklist:

Daily Tasks

• Check account balances
• File digital receipts
• Log business mileage
• Invoice clients
• Review financial mail and bills

Weekly Tasks

• Log and categorize payments and expenses
• Deposit checks or cash
• Update invoice and inventory tracking
• Send invoice reminders

Monthly Tasks

• Reconcile accounts
• Run and review monthly Profit & Loss report; Compare to previous month
• Review business budget

Quarterly Tasks

• Run and review quarterly Profit & Loss report; Compare to last quarter
• Make estimated tax payments
• Review vendor 1099s
• Check in on financial goals

Infographic: Bookkeeping Checklist for Daily, Weekly, Monthly, and Quarterly Tasks for Small Businesses