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
  • Record all financial transactions in accounting software
  • Document and file expenses receipts
  • Log business mileage

Weekly Checklist

  • Deposit checks and cash
  • Invoice customers
  • Pay vendors
  • Process payroll (bi-weekly)

Monthly Checklist

  • Reconcile bank and credit card accounts
  • Review past due receivables
  • Prepare monthly 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 profit & loss forecast and cash flow projections
  • Review inventory
  • Look for personal expenses paid from business accounts or vice versa
  • Close the books

Quarterly Checklist

  • 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
  • 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 and obsolete inventory 
  • Evaluate contacts and negotiate more favorable terms
  • Set goals and develop a financial plan for the upcoming year

The Bottom Line

This financial management checklist will help you stay on top of your business finances. Get a copy here:Financial Management Checklist DownloadDownload

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.

Learn Your Total Costs of Hiring

Are you planning on hiring new employees? Before you start recruiting, it’s important to understand the total costs of hiring.

A common misconception among small to mid-sized business owners is that the cost of a new employee is limited to his or her salary or hourly wages.  It’s easy to overlook how employer-paid costs such as payroll taxes and insurance, benefits, job supplies, recruiting, and harder-to-quantify costs can easily tack on another 25% or more to the cost of your new hire.  So before you hire, download Momentum CFO’s New Hire Cost Calculator to determine the true costs of hiring an employee. DOWNLOAD NOW

Here’s a preview of what you’ll receive:

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. 

An experienced CFO can help you quantify the total costs hiring so that there are no unpleasant surprises that negatively impact your cash flow.  

To learn more, contact us at 858.284.0314 or schedule your free financial consultation.

Small business budget

Need a budget for your small business? Save yourself the hassle of creating it from scratch. Download our free small business budget template. Use the “goods” page if you sell goods or the “services” page if you sell services. DOWNLOAD NOW

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.