Financial Management Checklist

Not sure what you should be doing to manage your 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 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.