Monthly Bookkeeping Checklist:

1. Record & Categorize All Transactions

• Import or enter all bank and credit card transactions

• Properly categorize income and expenses

• Check for uncategorized or duplicate entries
   

2. Reconcile Bank & Credit Card Accounts

• Match transactions in your books to bank statements

• Investigate and fix any discrepancies

• Ensure ending balances match exactly

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3. Review Accounts Receivable (Money Owed to You)

• Check outstanding invoices

• Follow up on overdue payments

• Confirm all income has been recorded

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4. Review Accounts Payable (Money You Owe)

• Track unpaid bills

• Schedule upcoming payments

• Avoid late fees and missed obligations

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5. Analyze Your Financial Reports

• Review these key reports every month:

  • Profit & Loss Statement (Are you profitable?)

  • Balance Sheet (What do you own vs. owe?)

  • Cash Flow (Where is your money going?)

    • Ask yourself:

      • Did I make money this month?

      • Are expenses higher than expected?

      • Is cash flow healthy?

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6. Check for Errors or Unusual Activity

• Look for duplicate transactions

• Identify unexpected charges

• Confirm large expenses are accurate

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7. Set Aside Money for Taxes

• Estimate your monthly tax liability

• Move funds into a separate account

• Pay quarterly estimated tax payments

• Avoid scrambling at tax time

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8. Review Owner Draws / Payroll

• Confirm proper recording of owner payments

• Ensure payroll entries are accurate

• Check for compliance with tax requirements

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9. Keep Documentation Organized

• Save receipts and invoices

• Maintain digital records (cloud storage recommended)

• Ensure everything is audit-ready

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10. Plan Ahead for Next Month

• Review upcoming expenses

• Identify opportunities to reduce costs

• Set financial goals for the next month

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Common Mistakes to Avoid:

• Falling behind on bookkeeping for multiple months

• Mixing personal and business expenses

• Ignoring financial reports

• Waiting until tax season to get organized

• Not reconciling accounts regularly

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Pro Tip:

Consistent monthly bookkeeping saves time, reduces stress, and often lowers your tax bill by keeping everything accurate and organized year-round.

 

Need Help Keeping Up?

If your books are behind, or you’d rather not deal with this every month, professional bookkeeping can keep everything accurate, up to date, and stress-free!

 

Schedule a Free Consultation
Let’s get your books organized and keep them that way!

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Anderson Accounting Services, LLC

Focusing on Monthly Bookkeeping for Small Businesses in Georgia