Small Business Financial Management Checklist
Do you need a financial management checklist for your small business? Well, you’re in luck! You’re in good company if you’re unsure about what you should be doing to keep your business finances in order. Many small business owners benefit from guidance on how to manage their finances. Here’s a handy checklist to keep you on track. Contact us if you need help completing these tasks.
Daily Checklist
- Check account balances
- Document expenses and file receipts
- Log business mileage
- Record all financial transactions in accounting software
- Open financial mail and take action
Weekly Checklist
- Deposit checks and cash
- Invoice customers and follow up with those who are late
- Pay vendors
- Run payroll for yourself and your employees (bi-weekly)
Monthly Checklist
- Review current and past due receivables
- Reconcile bank and credit card accounts
- Prepare basic financial reports including a profit and loss (P&L) statement, balance sheet, and cash flow statement
- Analyze financial results. Compare results to the prior month and your budget.
- Review key performance indicators that measure the health of your business
- Assess progress made toward achieving your financial goals
- Update cash flow projections
- Check inventory
- Look for business expenses paid from personal accounts or vice versa
Quarterly Checklist
- File and pay estimated state and federal taxes to avoid late payment penalties
- Submit payroll tax reports and make payments
- Make sales tax payments, if applicable
- Review quarterly financial statements
- Update your P&L forecast
- Prepare customer, product and service, and/or project profit and loss analyses
- Complete a physical inventory count
- Analyze return on investment (ROI) of major initiatives
Annual Checklist
- Close out your bookkeeping
- Prepare financial reports and tax returns
- Audit financial statements and internal controls
- Complete IRS W-2 and 1099 forms
- Review unsold inventory
- Evaluate 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.
