Financial Management Checklist
Not sure what you should be doing to manage your small business finances? You’re not alone. Most business owners aren’t sure about what needs to be done daily, weekly, monthly, quarterly, and annually. Here’s a handy checklist that will help keep you on track. If you find that you need support performing these tasks, contact Momentum CFO for assistance.
Daily Tasks
- Document expenses and file receipts
- Record all financial transactions in accounting software
Weekly Tasks
- Monitor cash flow
- Prepare and send invoices to customers
- Pay vendors and sign checks
- Process payroll (bi-weekly)
Monthly Tasks
- Review current and past due receivables
- Reconcile bank and credit card accounts
- Prepare journal entries and close the books
- Prepare basic financial statements including a profit and loss (P&L) statement, balance sheet, and cash flow statement
- Review and analyze financial results
- Review key performance indicators
- Make course corrections to stay on track to achieve the financial plan and increase profitability
- Update cash flow projections
- Review inventory
Quarterly Tasks
- File and pay estimated state and federal taxes to avoid late payment penalties
- File payroll tax reports and make payments
- Make sales tax payments, if applicable
- Review quarterly financial statements
- Prepare customer, product and service, and/or project profit and loss analyses
- Complete a physical inventory count
- Update the financial forecast
- Analyze return on investment (ROI) of major initiatives
Annual Tasks
- Prepare financial reports and tax returns
- Audit financial statements and internal controls
- Collect W-9s from vendors
- Prepare IRS W-2 and 1099 forms
- Review unsold inventory
- Review contacts and negotiate more favorable terms
- Set goals and develop a financial plan for the upcoming year
About Momentum CFO
Momentum CFO is a boutique firm specializing in outsourced Chief Financial Officer services for small to mid-size businesses. We bring the benefits of Fortune 500 financial expertise to your business without the expense of hiring a full-time CFO.
To learn more, contact us at 858.284.0314 or schedule your free financial consultation.
