Small Business Bookkeeping Checklist – Part III

Small Business Bookkeeping Checklist – Part III

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 III – Monthly Checklist


Balance Your Checkbook Reconcile your account comparing your transaction records to your bank statement. 

Improve Cash Flow – Negotiate payment terms with vendors to delay payment without interest and penalties. 

Reconcile Your Credit Card Statements – Compare your recorded transactions or receipts to your monthly statement. 

Review Outstanding and Past Due Receivables Send out reminder statements as necessary. 

Review Your Outstanding Payables – Take note of any balances due to creditors, vendors or suppliers. 

Prepare Your Profit and Loss Statement – This should reflect how much you made for the month.

Allocate Money for Taxes – Set aside money to cover your quarterly tax payments so you’re not scrambling at the end of the quarter.

Analyze Your Inventory (as applicable) – Determine what products to reorder, which to mark down or which to discontinue.


**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!