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Bookkeeping is one of the most important tasks for small business owners. It helps you keep your business running, and it allows you to plan ahead and notice any financial issues before they become too large. It might feel overwhelming to tackle your bookkeeping, but once you organize how you will do it, it becomes much easier. Having a checklist can help you stay focused on what you need to do. Take a look at how to break it down into daily, weekly, monthly, quarterly, and annual tasks.

Daily Bookkeeping Tasks 

Every day, you should review your cash flow. Look at how much cash is coming in or going out as well as what you have. You should check it when you start your day and when you finish it. You should also check your bookkeeping software to make sure that it is up to date. Be sure to add in any payments that come in or any expenses you pay out every day. 

Weekly Bookkeeping Tasks

There are several weekly bookkeeping tasks that you should undertake. You could do it every Friday before you leave the office, or you can do it early in the week. Whichever time you choose, make sure that you do the following tasks:

  • Reconcile your business bank accounts and credit cards. You will know if there are any unauthorized charges on your credit cards, and you can deal with it right away. 
  • Review and pay all of your invoices. This will ensure that you are paying them ontime. 
  • Send out invoices. It is a good idea to take care of this weekly rather than waiting until the end of the month so that your clients can pay you. 
  • Upload your receipts so that you have accurate records of your expenses. 

Monthly Bookkeeping Tasks

Every month, you should go through and run your payroll. You should also review your balance sheet and follow up on any invoices that are past due. 

Quarterly Bookkeeping Tasks

Quarterly, you should evaluate your profit and loss statement for the year. This will help you stay on top of your company’s financial health, and you can make adjustments as needed. You also need to pay your estimated taxes and submit quarterly payroll reports and payments. Finally, you need to pay your sales tax (if your state requires it).

Annual Bookkeeping Tasks

Annually, you need to file your IRS forms, including W-2s for employees and 1099-MISC for independent contractors. You should collect any open invoices so that you can close your books, and create your year-end financial reports. Finally, gather all of the documents and information you need for your own taxes and file your tax return.