A monthly bookkeeping routine helps keep your records useful throughout the year. Set aside time each month to:
- Gather documents: Collect bank statements, credit card statements, receipts, invoices, and vendor bills.
- Review transactions: Check that income and expenses are recorded consistently and investigate unfamiliar activity.
- Reconcile accounts: Compare your accounting records with bank and credit card statements.
- Check unpaid invoices: Review customer balances and identify accounts that need follow-up.
- Review vendor bills: Confirm upcoming due dates and check for missing or duplicate bills.
- Review payroll records: Confirm payroll activity is recorded and investigate differences.
- Read your reports: Review your Profit & Loss statement and balance sheet, and ask about unexpected changes.
- Resolve open questions: Keep track of missing information and assign follow-up tasks.
Want help maintaining a monthly routine? Ask KKeeping Up Business about ongoing bookkeeping support.
