It is important to keep track of your business’ financial operations by creating a monthly schedule to avoid missing out on important financial data and insights that are crucial to the growth of your business. In addition to conducting our daily and weekly accounting tasks, ensure that you incorporate your investment and expenses management operations in your monthly schedules to mitigate errors and discrepancies in your data. Consider preparing a chart or list of your to-do list to ensure that all essential items are addressed at the end of every month or according to your scheduled time frame.
Creating a checklist of all your essential financial items can go a long way towards enhancing the growth of your business. Further, a checklist can be instrumental in the management of financial items such as cash flows and tax.
This checklist highlights important financial items that should be evaluated on a monthly basis.
1 Conduct a review and update of all your financial data
2 Backup your software data
3 Review your P&L statement and balance sheet
4 Conduct a review of your inventory
5 Send end of month statements to your customers
6 Review and update incoming and outgoing transactions
7 Check that all your account payables, bills and expenses are paid
8 Update your payrolls and ensure all workers are paid in a timely manner
9 Update your payroll taxes
10 Consider reassessing your business and marketing plan based on performance
11 Check that your working capital is sufficient
12 Compare monthly sales and inventory against the set targets
13 Review the effectiveness of your inventory practices
14 Determine whether or not your invoicing practices cater to your cash flow needs
15 Conduct reviews of your debt and financing arrangements
16 Generate statements of account receivables
17 Use the balance sheet to determine the need for adjustments where applicable
18 Keep accounts of all petty cash withdrawals and deposits
19 Record and generate customer payment statements
Notes:
- Consider hiring an accountant to keep abreast with your daily accounting needs
- Leverage tools such as filing systems for documentation of your receipts and expenses
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