Prepare records

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• Collect all sales invoices issued during the month
• Collect all supplier and expense receipts
• Reconcile the business bank account against your records
• Reconcile credit card statements
• Chase any outstanding client payments

Bookkeeping

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• Record all transactions in your accounting system
• Categorize expenses correctly for reporting
• Calculate and record depreciation if applicable
• Review accounts receivable and accounts payable balances
• Post payroll entries for the month

Review

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• Generate a profit and loss statement for the month
• Compare actual results against budget or forecast
• Review cash flow for the upcoming month
• Check inventory counts if applicable
• Review any outstanding loans or debt payments

Close out

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• Back up financial records and export reports
• File any monthly tax filings required Requirements vary by country, such as VAT returns.
• Share the financial summary with stakeholders or your accountant
• Archive the month's documents in a labeled folder
• Set goals or adjustments for the next month