Bookkeeping

Small Business Bookkeeping Checklist: What to Review Every Month

A simple monthly routine that keeps business records organized before tax season.

Good bookkeeping is less about doing a large cleanup once a year and more about completing a short, repeatable review every month.

1. Capture every source document

Store sales invoices, supplier bills, receipts, bank statements and credit-card statements. Match documents to transactions while the business purpose is still easy to remember.

2. Review income

Confirm that deposits and invoices are recorded in the correct period and investigate transfers or owner contributions that are not business revenue.

3. Review expenses

Check categories, business-use percentages and sales-tax treatment. Flag capital purchases and unusual transactions instead of forcing them into a routine expense category.

4. Reconcile cash and cards

Compare the accounting records with bank and card statements. Differences can point to duplicates, missing transactions or timing items.

5. Review GST/HST and payroll

If registered or employing staff, compare collected and paid tax amounts and confirm payroll remittances and records are current.

6. Close the month

Review profit, cash, amounts due and upcoming deadlines. Keep a short list of items that need an accountant or tax professional to review.

Official sources