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Year End Bookkeeping Checklist

bookkeeping checklist template

Although it seems pretty obvious, this task is often overlooked, which can cause unnecessary complications or emergencies if there is no available cash to spend. You want to review how much cash you need on a month-to-month basis and make at least that much available.

You already have enough on your plate in January and the last thing you need is another deadline. You want to be focusing on sales and growth to start the new year not 1099 compliance and taxes. One thing that you should do is to take a peek through the details of your asset accounts.

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Details of your tax responsibilities and which taxes you will be liable for, including calculations to help you to understand the impact of being a sole trader or limited company. Most businesses are aware that they should request a W-9 form from their vendors, but very few actually follow through and complete the task. Common accounts receivable errors I see are not offsetting credits against old invoices. You want to try and collect your outstanding receivables balances before year-end and possibly write of the bad debt that you will never collect. If you know of any recent changes in tax legislation that could affect your potential client, ask them about it. Pointing out their lack of knowledge can ultimately serve to make your firm even more valuable.

A solution like Jetpack Workflow will generate more accurate reports with more useful information. So many times we invest our time into the client, even more than they are willing to invest in themselves.

bookkeeping checklist template

When I say formally, I mean going to the gear icon in QuickBooks Online and clicking the “Reconcile” feature under the tools menu. Review and reconcile your business bank accounts and credit card accounts. This is also why your client separates their business from their personal dealings.

Year End Bookkeeping Checklist

Overcome the challenges your accounting firm is facing acquiring, training and retaining staff. 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.

  • It can only help you as much as you keep it updated with all possible aspects of your monthly finances.
  • LibraryAccess to all company templates and assets inside document apps.
  • Choose from courses and services that are relevant to your business right now, gaining clarity and confidence in understanding your business finances along the way.
  • Regardless of how often your employees are paid, you should review and update your payroll file on a weekly basis so you can account for fluctuations, like bonuses or overtime pay.
  • In other cases, it might be time to contact a collections agency.
  • EngageShare, collaborate and gain actionable insights for optimized document performance.

At some point, you might want to pass your bookkeeping responsibilities onto someone else . Having a bookkeeping checklist makes it easy to train and onboard someone to take over your business bookkeeping—and gives them a concrete list of all the new tasks they’ll be responsible for. Now is the time to prepare any necessary journal entries such as accruals, deferrals, prepaid expenses, and depreciation. It is essential to create schedules for these items to ensure the amount of each entry is accurate, such as a listing for fixed assets. All additions and disposals will need to be identified and tracked in your record depreciation expense. Keep track of routine journal entries and calculations done in the previous month to speed up this process each month. Review the accounts payable aging report to see which bills need to be paid or scheduled to pay.

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Including this question on your new bookkeeping client checklist can help you understand their debt situation and provide the guidance they need to improve it. Few people realize that a good accountant can help them manage debt as well.

  • Another step that is often missed by inexperienced dental bookkeepers would be to reconcile payroll.
  • Even if you’re facing down the new year, use this checklist to help get you ready and implement a plan for next year.
  • As any self-employed person knows, you have to wear a multitude of different hats, each requiring its own special set of skills.
  • I’m the founder and president of, a successful Internet based information business.
  • Bookkeeping firms need to be aware of how their clients handle their taxes since they can impact every aspect of bookkeeping.

Closing out your books at year-end is largely about ensuring every financial transaction related to your business operation has been accurately recorded. I always tell clients to let their contractors know they can get paid as soon as they submit a filled out W-9 form; works every time. Unearth any unpaid bills to ensure they get processed in the correct accounting period before you close out your year. Revisit your vision and mission–and align them with your values. Tyson Downs, the owner of Titan Web Agency, has years of experience working with small businesses and helping them meet their revenue goals. Prior to starting Titan Web Agency, he freelanced in SEO and Web Design while working in the corporate world.

Comment below if you’d like another blog post explaining this process in more detail. Here is a very important step often skipped by inexperienced bookkeepers. Formally reconciling every bank account, credit card and loan account on the balance sheet is a must to make sure you have everything recorded correctly such as no duplicates and no deductions missing.

By adding this question to your bookkeeping checklist, you’ll demonstrate your determination to deliver the best service possible by learning what the client liked about their old bookkeeper accountant. A client’s business structure will affect every aspect of accounting and bookkeeping. Whether they’re a Sole Proprietor, an LLC, an S-Corp, or a C-Corp, it’s important to know. Their answer may suggest other questions that should be included in your accounting client on-boarding checklist template. Another step that is often missed by inexperienced dental bookkeepers would be to reconcile payroll.

New Client Onboarding Procedures And Templates

So, bookkeepers should maintain a petty cash book, write slips each time cash is taken out, enter petty cash entries into software and reconcile it at the end of the month. Your business’s success depends on multiple factors, including planning, strategizing, and marketing. But, bookkeeping checklist template out of all the business development practices, accounting and financial management is the core success factor—because inadequate money management can completely derail your business. There is a lot to consider when keeping your dental practice bookkeeping correctly up-to-date.

bookkeeping checklist template

Once you’re satisfied that everything is in order, you should run a trial balance to ensure debits equal credits across your accounts. This is also a great way to check for abnormal account balances and potential posting errors. You need to attend to your bookkeeping before year-end and do some tax planning. Updating your bookkeeping and reviewing it prior to year-end is very important as you can actually do something about your tax situation before the turn of the calendar. As we get closer and closer to year-end most businesses will begin thinking about taxes.

Even many non-employer sole proprietorships will use accounting help at some point. While some small businesses hire bookkeepers or CFOs directly, many successfully outsource these types of services. Your bookkeeping templates allow you to keep track on how you are performing and who owes you money, and it keeps you ready for tax reporting etc. They are a vital tool, which should be easy to use and save you time. At their best, templates are a great tool for increasing productivity and letting you focus on tasks that are more complicated. But the question still remains – with so many financial templates available online, which one should you choose?

Task #19 Maintain Foreign Currency Account

Regardless of how often your employees are paid, you should review and update your payroll file on a weekly basis so you can account for fluctuations, like bonuses or overtime pay. USLegal has been awarded the TopTenREVIEWS Gold Award 9 years in a row as the most comprehensive and helpful online legal forms services on the market today.

Bookkeepers need to frequently report back to management, get their feedback, and work as per their instructions. They should immediately inform management or business owners when there’s something wrong with the company’s financial health.

This may be done monthly or annually, so this may or may not be part of your monthly tasks. Cloud storage services provide vast and infinite storage & backup for your client’s files, photos, and documents at an affordable cost. Moreover, mobility in data access through any interface device is possible.

You need to keep the budget on tab while onboarding new clients with a structured process and proper tools. This is to avoid over-budgeting due to unstructured processes, poor communication, manual process, disconnected tools, and client-driven delays. We provide services to any type of industry, a few are listed below. Custom orders for PDF’s, documents, organizational tools, planners, etc. are accepted.

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How to start a dental bookkeeping checklist to follow in your practice today. Good bookkeeping starts with good habits, and the very first habit you should develop is checking your business bank account balance every morning.

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