Running a small business requires a lot of time, energy, and effort with the focus largely being on business growth. As an entrepreneur, I completely understand bookkeeping may not exactly be on the priority list. However, proper bookkeeping is an important part of every successful business as it shows a true picture of how the business is running.  

Whether you opt to use a professional bookkeeper or try to tackle it on your own, here’s a timeline for basic accounting-related functions broken down by daily, weekly, monthly, quarterly, and annual tasks. 


Know your cash position. Daily bookkeeping tasks are kept to a minimum for most business owners; however, you must check your cash position daily!  

At the start of every workday, check how much cash your business has, how much you expect to receive, and how much you expect to pay out in the coming weeks.   


Record all transactions. All transactions, such as accounts payable, accounts receivable, paying vendors, etc. must be recorded daily or weekly, depending on volume. You can use an Excel spreadsheet, but accounting software such as QuickBooks is preferred.  

Bookkeeping Geeks is led by QuickBooks-certified bookkeeper, Dorothy Harvey. Call me today to learn how I can support your business growth goals. 

Document and file your receipts. Copies of all transactions such as invoices, cash receipts, bank deposits, cash payments, statements, etc. must be accounted for.  

For ease and convenience, start separate files for 

  • vendors (filed alphabetically), 
  • payroll (filed by date), and a  
  • bank statement file (sorted by month).  

Want to keep everything online? Several accounting software systems allow you to scan paper receipts and keep them in an electronic file.   

Review Accounts Payable. Each week make note of what invoices are due. This will help avoid missing payments and late fees.  

Also, take note of each vendor’s terms and see if you can extend payment dates to net 60 or net 90-day terms. Inquire if discounts are available for early payments. After a bill is paid, keep a record of the paid invoice.  

Prepare and send invoices. A business can’t run without money coming in, so stay on top of your receivables! Each week, prepare and send invoices, making sure to note the payment terms on each bill 

Review projected cash flow. Forecasting cash flow is an essential part of every successful business. This allows a company to project the amount of cash flow that is needed to pay bills and stay informed on money-making decisions.  

A simple cash flow statement will show your current cash position, expected upcoming cash receipts, and future cash payments.  


Each week make note of what invoices are due.  

This will help avoid missing payments and late fees. 


Review past-due receivables. Based on the number of days past due, keep a separate column for “aging” invoices and “open” invoices. At the beginning of every month, review these overdue accounts and send reminder statements to anyone past due.  

Analyze inventory status. Once a month, set time aside to reorder products that are high in demand and identify others that are moving slowly.  

Process payroll and approve tax payments. Payroll tax requirements are costly, so each month, withhold, report, and deposit, the applicable income tax, Social Security, Medicare, and disability taxes to the appropriate agencies.  

Carefully review this summary before payments are disbursed to avoid having to make corrections during the next payroll period.  

Review P&L reports. Every month, review Profit & Loss reports for the current month and year-to-date. Measure this report against your monthly or quarterly budget to adjust as needed to keep your business running efficiently.  

Review and compare month-end balance sheets. Take a moment to compare balance sheets for different periods. This will help determine why profits are up or down and how you can accommodate these changes.  

Need a professional bookkeeper to help get these monthly business accounting tasks done? Call or email Bookkeeping Geeks to get started and have peace of mind.  


Set your calendar reminders now to complete these bookkeeping tasks every quarter:  

Prepare your annual P&L estimate. This is the time to evaluate how much money your business is making, whether net assets are up or down, the difference between expenses and revenue, and how you spend your money.  

Review and pay quarterly payments. To avoid stiff penalties, you’ll need to review quarterly payments such as payroll and sales tax.  A professional bookkeeper can complete these reports as well as file them. You just need to make sure they are correct.  

Complete estimated income tax and make payments. It’s time to pay Uncle Sam! Review your year-to-date Profit & Loss (P&L) to see if you owe taxes for the quarter.  


Review past-due account receivables. Investigate significantly late past due invoices and decide to send these past-due bills to collections or write them off for a deduction. 

Check your inventory. Review your current inventory and determine the value of unsold items which can be used as a deduction on your year-end taxes.  

Complete IRS forms. The deadline for reporting the annual earnings of your full-time employees (W-2 forms) and independent contractors (1099 forms) is January 31. This means the IRS needs copies of the tax forms for people who worked for your business.  

Review and approve full-year financial reports and tax returns. Before giving your full-year financial reports to your accountant, make sure to do a careful review. The last thing you want for your company is an audit.  

Get Professional Bookkeeping Help!

Overwhelmed with bookkeeping tasks? We can help! Save money, time, and sanity by calling or texting Bookkeeping Geeks based in Tampa, FL at (813) 515-0216 or via email at