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The CRA requires that all small businesses that earn more than $30,000 make HST/GST payments. But CRA rules state that you must change your HST/GST reporting period if you experience an increase in sales and taxable supplies. If you’re managing inventory, set aside time to reorder products that sell quickly and identify others that are moving slowly and may have to be marked down or written off.
- Just like owning your home and staying on top of bills to keep the lights on, your business has several monthly bookkeeping services obligations that can be outsourced.
- You need to create a schedule, calculate net and gross wages, and calculate, file, and pay payroll taxes.
- By following these simple tips, your clients’ payroll records will always be accurate and up to date.
- Check your inventory status on a month-to-month basis to avoid being caught off guard by a shortage in supplies.
There are also specific considerations regarding taxation on employee expense reimbursements. The goal of bookkeeping is to show the business owner how much income they are bringing in each month and how much they are spending each month on expenses. The difference between the business’ income and expenses is PROFIT. And most small business owners want their business to be profitable.
Send Statement for Current and Past Due Invoices
That’s why you need to find ways to remove yourself from the day-to-day processes so you can focus on working “on” the business rather than “in” the business. When you use our monthly bookkeeping checklist, you provide your team with everything they need to complete tasks without you. They won’t need to ask you questions, nor will they need you to get involved in the process because they’ll have everything they need right within these checklists. A monthly bookkeeping checklist template will help you create a standardized, efficient, and quick workflow process to complete monthly bookkeeping for your clients.
This task keeps you from making the mistake of contacting customers who have already paid you for the same invoice. It also helps you keep track of the payments you’ve received. It’s important to summarize them accurately on a daily basis. This task ensures you’ve accounted for all income and properly tracked expenses. The month end close process ensures you have information about your company’s financial standing.
Work in Process
Now it’s time to reconcile, which simply means that you’re comparing your records against a report or source outside of your accounting software. The most common form of reconciliation is bank reconciliation, or comparing the records from your accounting software with your bank statements. In order to track your numbers, you first have to record them. Record all expenses and income into your accounting system regularly throughout the month. This means every transaction- from your bank accounts to credit cards to PayPal and Shopify. Record and categorize all monthly and annual revenue and expenses for the month so that you can keep up with the financial status of your business on a monthly basis.
Keep copies of all invoices sent, all cash receipts (cash, cheque, and credit card deposits), and all cash payments (cash, cheques, credit card statements, etc.). If you need help with weekly, monthly, or annual bookkeeping tasks, we are here to help. At Remote Quality Bookkeeping, we provide cost-effective, monthly bookkeeping checklist efficient, and accurate bookkeeping services for small businesses and franchisees throughout the United States. We thrive on helping our clients set up, manage, and oversee financial data, processes and systems. Our modern accounting services include bookkeeping, payroll, financial consulting and more.
Review month-end balance sheet vs. prior period
This includes credit card revenue transactions and individual credit card purchases. Accounts receivable, on the other hand, is all payments owed to a company by their customers for a provided good or service. A customer invoice is issued after the order has been delivered or fulfilled. Managing both accounts payable https://www.bookstime.com/articles/gaap-vs-ifrs and receivable is of the most essential bookkeeping duties and responsibilities. And the checklist is then used in keeping the transactions and the other items to be recorded for further use in accounting etc. Download the templates of the bookkeeping document checklist for the overall maintainence of the accounts.
I have a tracker or excel but don’t know what the next steps are. No assurance is given that the information is comprehensive in its coverage or that it’s suitable in dealing with each individual’s particular situation. Kayla Prusinski does not hold a Certified Public Accountant (CPA) or similar license.
The records need to be supporting evidence for the payroll payments. It’s also important to hold a customer to their payment terms because this can have a big impact on your cash flow. This is also a good time to re-evaluate your collections process to see if it is effective or whether any changes need to be made.
