Monthly money close checklist

Block one hour in the first week of every month. Doing it monthly takes far less time than catching up once a year.

Records

• Download statements for every business bank, card, loan, and payment app account.
• Match every transaction in your bookkeeping to the bank statement (reconcile).
• Sort any uncategorized transactions.
• Save receipts for purchases over $75 and anything you'll deduct.
• Move any personal charges out of the business accounts and note them as owner draws.

Money owed to you

• List every unpaid invoice and how many days old it is.
• Follow up on anything past due. The collections follow-up checklist has a schedule and scripts.
• Calculate your days sales outstanding with the accounts receivable calculator.

Money you owe

• List bills due next month, including quarterly and annual ones.
• Confirm sales tax and payroll tax payments were filed and paid on time.
• Move your tax set-aside into its own account.

Look ahead

• Compare this month's sales and expenses with last month and the same month last year.
• Update your 13-week forecast in the Cash Flow Toolkit.
• Check your cash runway with the cash runway calculator.
• Write down one thing to fix next month.