Forms, Downloads & Checklists

bookkeeping checklist template

Use these 21 questions as an accounting bookkeeping checklist template to start productive conversations and get more clients. You can keep all of these files and receipts in paper form but I highly recommend moving your files online. Programs like Google Drive or Hubdoc are safer and will allow you to access your files from any location. You will also want to scan and upload the corresponding document to your transactions on your accounting software. For example, when reconciling your payment transactions, upload the receipts and attach them to the correct transaction. A client’s business structure will affect every aspect of accounting and bookkeeping. Whether they’re a Sole Proprietor, an LLC, an S-Corp, or a C-Corp, it’s important to know.

  • But, there’s more to running a successful business than just creating a great product.
  • Recording and reconciling your transactions is fundamental to proper bookkeeping so make sure you do this on a weekly basis.
  • As any self-employed person knows, you have to wear a multitude of different hats, each requiring its own special set of skills.
  • If your business year runs on a calendar year, you’ll need to file by March 15.
  • Since they are considered Online Payment Networks, these platforms typically send 1099-Ks to freelancers that make over $20,000 a year and have at least 200 transactions.

A checklist makes sure nothing falls through the cracks and keeps you organized and efficient so you can focus on other aspects of your business. It also ensures that you are meeting all of your financial responsibilities and deadlines. Missed deadlines can be a costly mistake resulting in some hefty fines and penalties. We’ll ask you a few short questions about your business and your very own dedicated bookkeeping team will handle all your bookkeeping and tax preparation needs for you!

Accredited Business

What appears in your bank account is the Net Amount, the amount after fees are deducted from the Gross Amount. The sales from each vendor must be reported as the Gross Amount, which is what appears on the 1099-K. If you worked with an independent contractor or vendor and paid them $600 or more, you will report those payments to the IRS using Form 1099-NEC. S a need to correct something, the online editing tool as well as its wide range of instruments are available for you. Join over 1 million businesses scanning & organizing receipts, creating expense reports, and more—with Shoeboxed.

  • However, if you’re taking distributions, you’re probably going to need to add some additional tax money to the pot.
  • Tyson Downs, the owner of Titan Web Agency, has years of experience working with small businesses and helping them meet their revenue goals.
  • If you bill clients on an hourly basis, you should make sure your own timesheet is up to date and all invoices have been sent out.
  • You may find your business benefits from certain categories depending on your market sector.
  • Check out our year-end bookkeeping checklist to organize your finances and successfully wrap up the year.
  • Particularly bank account reconciliation, such as for chequing and savings accounts to ensure all transactions are recorded.

So, it’s great news if your potential client realizes your value as both an accountant and a financial advisor. You should probably ask for a sizeable retainer before taking on a client who is years behind on their taxes. But regardless of the retainer, knowing the answer to this accounting prospect question can help you offer value. As an accountant, you know the steps to determine exactly what they owe and how to avoid problems in the future. File Personal Income Taxes – Just like all taxpayers, you’re required to file a personal income tax return. Cash Flow Statement – The last of the “Big 3 Financial Statements” is your Cash Flow Statement. Along with your balance sheet and P&L, this statement helps determine the financial health of your business.

Bank Reconciliation

When customers pay your invoices, recording the payment receipts as soon as possible is a great practice. This helps keep your cash flow calculations accurate and avoids your team chasing payments that have already been paid. Know of any bookkeeping checklist template other accounting or bookkeeping client questions that can help firms show their value to prospective clients? Add this to your accounting or bookkeeping onboarding checklist to create an environment of mutual success and assistance.

By performing each of these tasks regularly , you’ll stay on top of your clients’ bookkeeping and have readily available answers to their accounting questions. Though not every task will apply to each of your clients, the list below covers the regular bookkeeping tasks you should complete. In addition to their financial statements, you can help them keep track of their capital asset activity, vehicle log, and other important documents for reporting sales tax.

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