A short monthly checklist for small business owners: what to send your bookkeeper, what to answer, and what you can stop worrying about.
Read moreBookkeeping
A 20-minute monthly bookkeeping routine
In short
If you keep your own books, the trick is doing a little every month instead of a lot in January. Categorize the month's transactions, reconcile each account to its statement, glance at the profit and loss, and save anything unusual. About 20 minutes for a simple business.
1. Categorize (10 minutes)
Open your bookkeeping software's bank feed and categorize everything from last month. Set rules for the regulars, like your phone bill or software, so they categorize themselves next time.
2. Reconcile (5 minutes per account)
Download last month's statement for each bank and card account and reconcile it. The ending balance in your books should match the statement exactly. If it doesn't, something is missing or doubled.
3. Review (3 minutes)
Look at the profit and loss. Anything surprising? Anything in "uncategorized" or "ask my accountant"? Fix it now while you remember.
4. File three things
- Receipts for anything large or partly personal.
- W-9s from any new contractor.
- Statements for any account without a bank feed.
Put it on your calendar for the same day every month. If it keeps slipping, that's the moment to hand it off.
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