A Monthly Accounting Checklist For Small Businesses

A Monthly Accounting Checklist For Small Businesses

Following up on our weekly accounting checklist for small businesses, this monthly checklist will further help you keep your business finances in order.

1. Prepare and review your income statement, cash flow statement and balance sheet.

These statements can help you spot financial issues and fix them before they escalate.

2. Process your payroll and payroll taxes.

Employee satisfaction is important to your business. Avoid unnecessary delays in paying your employees by processing your payroll promptly. To save time, process payroll taxes along with your payroll.

3. Review business performance against past performance, financial targets and budget.

Compare the current month's performance with the past month's performance, taking your financial targets and your budget into consideration. This comparison will help you keep your spending in check.

4. Review and update your cash flow forecast based on business performance.

Compare the cash flow for the month with the cash flow prediction in your budget and make changes as required.

5. Reconcile your business account.

Check your business account for consistency, accuracy of transaction records and your cash position to avoid financial errors.

If you have a comment, a tip or a question, post it in the comments section below or send it to hello@margin.ng. We'll love to hear from you.

Seven Business Resolutions For 2017

Seven Business Resolutions For 2017

A Weekly Accounting Checklist For Small Businesses

A Weekly Accounting Checklist For Small Businesses