Bookkeeping is an essential element of financial management for all businesses, and it is the foundation for all other financial aspects of the company. Having a well-defined bookkeeping workflow is crucial to ensure that financial information is accurate, deadlines are met, cash flow is accurate, and nothing is missed. The following is a checklist of tasks that should be included as part of a bookkeeping workflow, organized by frequency:

Daily Tasks:

1. Review cash position (business bank account balances and petty cash)
2. Record and categorize all incoming and outgoing payments
3. Deposit all cash and record the deposit

Weekly Tasks:

1. Prepare and send invoices, including a due date
2. Pay vendors and review accounts payable
3. File copies of invoices, cash payments, and cash receipts
4. Review projected cash flow

Monthly Tasks:

1. Balance and reconcile business accounts
2. Process payroll, withholding, and depositing taxes
3. Check inventory status of office supplies
4. Review past due receivables, send reminders to customers
5. Compare income and expenses to budget

Quarterly Tasks:

1. Review financial statements and identify trends
2. Review expenses for necessary adjustments
3. Plan for upcoming tax payments

Annual Tasks:

1. Prepare and file tax returns
2. Review and update the budget for the upcoming year
3. Perform an end-of-year financial review

Note: The above list is not exhaustive and the task may vary depending on the nature of the business. Additionally, having an efficient bookkeeping system can help ensure that financial planning problems do not cause a business to fail. It is highly encouraged to seek help from a Bookkeeper, accountant or financial management expert if needed.

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