What Small Businesses Should Do at Month-End (Bookkeeping Edition)
Month-end is more than just flipping the calendar – it’s a critical opportunity to keep your financials in order, catch problems early, and prepare for tax time. Whether you’re doing your own books or working with a professional, here’s a clear, repeatable checklist small business owners should follow at the end of each month.
Download Our Free Brochure →1. Reconcile All Accounts
Make sure your bank and credit card balances in QuickBooks match your actual statements. Catching errors now avoids bigger headaches later.
2. Review and Categorize Transactions
Verify that all expenses and income are properly categorized. Look out for entries in “uncategorized” accounts – these are red flags that need fixing.
3. Send Invoices and Follow Up on Payments
Check for unpaid invoices. Send follow-up reminders to clients and record any payments received. Consider applying late fees if your policy allows.
4. Pay Bills and Record Expenses
Ensure all recurring bills (like utilities, rent, or software) are paid and recorded. Use this time to schedule upcoming payments and avoid surprises.
5. Update Payroll and Contractor Payments
Post all payroll entries and record any contractor payments. If you pay 1099 contractors, start tracking totals for year-end 1099 reporting.
6. Review Financial Reports
Generate your Profit and Loss and Balance Sheet for the month. Look for unusual spikes, missing data, or negative balances that need cleanup.
Real-World Example
A service business owner had fallen into the habit of checking QuickBooks only once a quarter. By the time they reviewed reports, vendor overpayments and missed invoices had already cost them thousands. After implementing a monthly close checklist, they:
- Recovered $2,400 in missed receivables
- Caught duplicate expense entries
- Improved margins within one quarter
Why Monthly Bookkeeping Matters
Small errors left unchecked for months become major issues by year-end. Monthly bookkeeping helps you:
Download Our Free Brochure →- Stay compliant
- Spot cash flow problems early
- Prepare for taxes
- Make better financial decisions
Waiting until year-end is too late.
Don’t wait until tax season to find out your books are wrong.
Let us handle your monthly bookkeeping and reporting – so you can focus on running your business.
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What Small Businesses Should Do at Month-End
Monthly Bookkeeping Across Key ZIPs
FAQs
What’s the most important bookkeeping task at month-end?
Reconciliation. Without it, your reports may be inaccurate – even if everything looks fine at first glance.
How long should month-end bookkeeping take?
A few hours, depending on the size of your business. With a dedicated bookkeeper, it’s typically handled within 1–2 days.
Can you automate month-end tasks?
Some, yes – like bank feeds and recurring invoices. But reconciliation and final reviews still need a human eye.
What if I’m behind on multiple months?
We can catch up and get you back on a clean monthly schedule, fast.
Stay on top of your finances all year – not just during tax season.
Let our team handle your monthly bookkeeping with precision and consistency.
