bookkeeping checklist template

Tyson is a graduate of Brigham Young University, the father of 5, and enjoys spending time with his family. This accounting client question is necessary when building an understanding of their business landscape. Also, it allows you to offer suggestions (e.g. workforce development programs, low-cost training) for challenges they are facing with their workforce. This client question helps you understand what workload you will undertake as their new accountant.

bookkeeping checklist template

After all, they have financial obligations that need to be met as well. Payroll, if applicable, will need to be run at least once a month. Not only do you need to check to see if there are any customers who owe you, but you also need to make sure that you haven’t missed any payments to vendors that you owe. With morale being a big part of practice management, this article tackles key insights that come up in post-tax season meetings and offers suggestions to overcome them next season. Standardizing your accounting process is a vital part of scaling your accounting firm. Make sure to build buffer time for unexpected client questions and requests.

month end close checklist pdf

She has had the opportunity to work with a wide variety of individuals and companies, which gives her a unique perspective on what it takes to be successful in the industry. Kathryn loves all things business and productivity and has been able to combine her love for creating content into writing for accounting firms looking to improve their businesses. A checklist allows you to break down each task and see how each can be improved, simplified, automated or delegated.

  • All additions and disposals will need to be identified and tracked in your record depreciation expense.
  • Tax laws change frequently and few business owners can keep up with it all.
  • TopTenReviews wrote “there is such an extensive range of documents covering so many topics that it is unlikely you would need to look anywhere else”.
  • Not only do you need to check to see if there are any customers who owe you, but you also need to make sure that you haven’t missed any payments to vendors that you owe.

Is the fundamental responsibility of a bookkeeper at the end of the fiscal year. The first step to filing your year-end tax returns is to generate your annual profit/loss statement and other financial reports. The end of the financial quarter is always a hectic time for any small business. Following a clear bookkeeping checklist for end-of-quarter is extremely helpful for keeping on top of these tasks.


Again, you may be required to keep this document on file depending on your business structure. Profit & Loss Statement – In addition to your balance sheet, you should also complete a Profit & Loss Statement (also known as a P&L Statement or Income Statement) each month. This will show you how much money you made for the month and may be a record-keeping requirement depending on your business structure. Pay State Withholding Taxes – If you’ve withheld taxes owed to your state, you may also need to deposit those.

bookkeeping checklist template

Pointing out their lack of knowledge can ultimately serve to make your firm even more valuable. Your prospective client might be surprised by what resources, services, and tools you have available to help them with a wide variety of business issues. This question can be a great ice-breaker that leads to a more informal discussion of their goals, ideals, and challenges.

The Key to Audit-Proof Books

Once you or your bookkeeper completes your bookkeeping, review your financial statements to confirm your numbers are correct. Record and categorize all revenue and expenses for the month so that you can keep up with the financial status of your business on a monthly basis. This https://simple-accounting.org/ includes credit card revenue transactions and individual credit card purchases. Keeping your books up-to-date is essential if you want to run a successful business. This includes sending out any new bills to customers and posting payments against the customers’ accounts.

  • Including this question on your new bookkeeping client checklist can help you understand their debt situation and provide the guidance they need to improve it.
  • Employers must provide the form to their employees no later than January 31st so that employees have enough time to file their taxes.
  • The first step to filing your year-end tax returns is to generate your annual profit/loss statement and other financial reports.
  • Now you can change the name of the template, add/edit tasks, rearrange the tasks, rewrite, etc.
  • You’re also the head of product development, lead salesman, the VP of Marketing, the customer service department, the administrative assistant, as well as the CEO.
  • You can keep all of these files and receipts in paper form but I highly recommend moving your files online.
  • Personal Estimated Taxes – When you work for yourself, nobody pays your estimated quarterly income and FICA taxes for you.

As their bookkeeper or accountant, you’ll have to work with their accounting software, payroll schedule, and filing system. If they work with a third-party service, you’ll need to work with their system. Payroll challenges and mistakes are a common problem for businesses so your bookkeeper checklist for new clients must help you understand their payroll needs.

bookkeeping checklist pdf

Your accounting firm’s new client checklist should start by covering basic questions about your client and their business. The responses you get will help you understand what kind of relationship the potential client needs and wants with you. With that in mind, we have created this new accounting client questionnaire with 21 key questions to ask new accounting and bookkeeping clients. Keep track of each of your vendors information, like billing dates, amounts due and payment due dates.

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Team Collaboration Strategies for Remote Accounting Firms.

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Since they are considered Online Payment Networks, these platforms typically send 1099-Ks to freelancers that make over $20,000 bookkeeping checklist template a year and have at least 200 transactions. The 1099-K shows gross sales, which is the amount before fees are deducted.

Video: What Happens When You Don’t File Taxes

If your books are behind a few months, or even years, you are not alone—25% of business owners are behind on their books. Closing the books at the end of the period is essential to transfer the “temporary” income and expenses accounts to retained earnings. This may be done monthly or annually, so this may or may not be part of your monthly tasks.

  • File Form Even though you have made your monthly withholding payments, you are still required to file Form which is your Employer’s Quarterly Tax Return.
  • Greg JohnsonGreg Johnson is a writer and entrepreneur who leveraged his online business to quit his 9-5 job, spend more time with his family, and travel the world.
  • Once that is done, make sure to print out and save copies of your year-end Big 3 Financial Statements.
  • Kathryn is a Chartered Professional Accountant with over 7 years of experience in both public practice and industry accounting.

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