How Did Your First Quarter Go?
Posted on March 25, 2016

The end of each quarter marks a great time to re-group and see how your business is doing compared to your goals. It’s also a time when certain bookkeeping tasks need to be completed. Today we’ll discuss not only quarterly tasks but also the timeline for all important bookkeeping functions that should be occurring.

Keeping a schedule is the simplest way to stay on top of bookkeeping and ensure that either you, the business owner, or your bookkeeper don’t let items fall through the cracks. You can set calendar reminders for you and your staff as well as perform certain duties on specific days so that they become habit. Let’s look at the breakdown of bookkeeping tasks.

Bi-Monthly Bookkeeping Tasks
Most of these tasks focus on getting money into your bank account to increase your cash flow. Try doing the following tasks on Fridays or Mondays for consistency:

-Run payroll and update employee benefit information, if applicable.
-Enter and categorize expenses.
-Follow up with unpaid customer invoices.
-Follow up with outstanding proposals.
-Deposit checks in your bank account (do this more often if needed).
-Apply deposits to invoices.

Monthly Bookkeeping Tasks
These tasks mainly focus on keeping you legit with your vendors and keeping can eye on cash flows out. Allocate one or two days monthly to the following tasks:

-Send checks to vendors.
-Apply all checks to vendors to outstanding bills.
-Ensure that all new vendors are properly documented and set up with W-9 forms.
-Check inventory and reconcile to quantity on hand reports.
-Reconcile and pay sales tax, if applicable and monthly filer.
-Reconcile bank and credit card accounts.
-Prepare monthly financials statements.
-Review monthly spending.

Quarterly Bookkeeping Tasks
Most of these tasks focus on reporting. At the beginning of the quarter, allocate a couple of days to perform the following tasks:

-Ensure payroll returns are filed and taxes paid, if applicable.
-Prepare estimate taxes, if applicable.
-Reconcile and pay sales tax, if applicable and quarterly filer.
-Prepare quarterly reports (Balance Sheet, Income Statement, A/R, and A/P).

Annual Bookkeeping Tasks
These tasks focus on wrapping everything up for the year and preparing for tax season. Many of the following tasks will have to be completed in January:

-Review aged receivables.
-Review year-end inventory status analysis.
-File annual reports for sales tax and payroll, if applicable.
-Complete a final reconciliation of all accounts.
-Assist in closing the books for the year.
-Assist the CPA in acquiring data needed for the tax return.
-Clear all reports and prepare them for the next year.

These are the main tasks; your business may have more or less depending on the size and industry. Keeping organized throughout the year is key to making your year-end less of a headache. Stay in touch with your bookkeeper and CPA throughout the year to discuss any issues before they turn into problems!


Jordan Ilderton