Small Business Bookkeeping Checklist – Part I

Small Business Bookkeeping Checklist – Part I

As a small business owner, one of the most important jobs you have is keeping accurate books, and understanding what your financial reports are telling you.  Understanding the ins-and-outs of your business isn’t always easy, but it’s vitally important to financial health of your business.  Avoid the year end scramble to get your financial house in order by staying on top of your bookkeeping with our 4-part series:

Daily Small Business Bookkeeping Checklist

Weekly Small Business Bookkeeping Checklist

Monthly Small Business Bookkeeping Checklist

Quarterly Small Business Bookkeeping Checklist


Even though you can (and probably should) hire a professional to help with your bookkeeping, it’s smart to understand how it all works!  You’ll be surprised how keeping tabs on your money will lower your stress level and increase your cash flow!


Part I – Daily Bookkeeping


Check Your Balances – Start each day by checking your business bank account balances.

Know What’s Coming In – Anticipate what payments are coming in to your business that day.

Know What’s Going Out – Be aware of what payments are outgoing for that day.  

Record Expenses – File or scan paper receipts. (Depending on the volume of transactions, this can also be done weekly.) 

Record and Deposit Payments – Record incoming payments and prepare them for deposit. (Depending on the size of your business, this can also be done weekly.) 

File Accounts Payables – Have a system for tracking incoming bills and file them in order of their due dates. 

Forecast for Tomorrow – Use the information from the above to get an idea of what your cash balance will be tomorrow.


**Put this checklist into action! Stay on top of your bookkeeping by scheduling reminders and setting aside time on your calendar each week, month and quarter!