See why over 7,000 accountants and bookkeepers use jetpack workflow. After you’ve handled all of your clients’ work, you should ensure that the billing for your bookkeeping firm is up-to-date. If you bill clients on an hourly basis, you should make sure your own timesheet is up to date and all invoices have been sent out. Asking managers for weekly timesheet approval can avoid a https://simple-accounting.org/ scramble when it’s time to process payroll. Depending on the size and complexity of your clients’ inventory, you should regularly review inventory counts to ensure accuracy and completeness. A full inventory reconciliation should be completed once a year prior to closing the books at the end of the year. You should collect and enter bills each week to ensure nothing is missed.

• Be sure to make any required payroll, federal, or state tax payments or filings to the appropriate agencies.
• After your analysis, you may want to show the client these reports to verify that every payment has been applied correctly and what is still outstanding.
• Watch the video to learn a recommended process that brings the best of Karbon and Hubdoc together that will help you fine-tune your own bookkeeping processes.

We hope you can use our excel template to create a standard process and cadence for your monthly accounting. You want your clients to still remember the wonderful care you provided their pets when they receive your invoice. So stay on top of sending invoices and try to send them the same exact day your client brought their pet in for care. Simplify your life and save time by using your accounting software to complete this task. Maybe client experience didn’t get the email from sales that the deal closed. Maybe the team didn’t follow the client onboarding checklist (maybe there isn’t one!).

Categorize Transactions

Perhaps a monthly task can be done way more efficiently using software or utilizing features of your existing software. Find out how long each task is taking you or your team each month, and find solutions to reduce that. There is nothing better than checking off tasks on your list as they get completed keeping you organized each month. As your business grows, there are a lot of tasks for a lot of clients that continue to grow, and it can be overwhelming, but having a monthly closing process can help. Annual Bookkeeping Checklist Example of a checklist that I created for a client to help collect his financial documents.

Contact your state’s department of revenue to find out how to make payroll deposits and file the proper forms. One of the most important jobs of a new business owner is learning to keep accurate books. Not only is it important to make sure you’re getting paid properly , but you also need to ensure that you’re filing the proper paperwork with government entities at the correct time. If not, you could face hefty fines, cutting into your profits and your only source of income. But, there’s more to running a successful business than just creating a great product. As any self-employed person knows, you have to wear a multitude of different hats, each requiring its own special set of skills.

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If your clients collect payment electronically, you can match up deposits with the deposits received by the bank to ensure accuracy. This helps to ensure that all funds are accounted for and that businesses comply with federal banking regulations. Not only does this improve cash flow, but it also makes it more manageable for your team to chase unpaid invoices. Leaving this to the end of the week or the end of the month makes it harder to keep track of what you owe, and risks late payments to your vendors. According to an Accountemps survey, two of the most common misconceptions about accountants is that they only do taxes and only focus on crunching numbers.

• If your clients have employees, you may be completing payroll bi-weekly or monthly.
• Business owners have a variety of retirement plans to which they can contribute, including SEP IRAs, Simple IRAs, Solo 401s, and more.
• That is why I prefer to make contributions to my retirement plans on a monthly basis.
• With morale being a big part of practice management, this article tackles key insights that come up in post-tax season meetings and offers suggestions to overcome them next season.
• Again, any modern bookkeeping program should be able to help you complete them.
• Find out how long each task is taking you or your team each month, and find solutions to reduce that.

However, you should make sure to speak to an accountant about the size of your distributions and how often you should them. Payroll – If you only have a few employees, payroll shouldn’t be that difficult. Just make sure your tax tables are updated and the software should make the proper withholdings for you.

Track Your Finances With a Free Profit and Loss Statement

Few people realize that a good accountant can help them manage debt as well. If your potential client has debt, let them know you can help them negotiate with creditors and develop a plan to reduce it. Asking open-ended bookkeeping checklist template questions can get potential clients thinking about the challenges and opportunities they face. In addition to the tasks you’ll have to complete each month, there are also some tasks you’ll need to complete each quarter.