The Ultimate Business Accounting Checklist

1
The Ultimate Business Accounting Checklist
2

• When youre engaged in running your own business,
  the daily demands of your work can often consume
  the lions share of your attention. When you
  havent yet grown enough to employ more staff,
  you may still handle many of the most
  business-critical workflows yourself each day.
  Other challenges can take up your time, too. As
  you strive to set yourself up for success,
  though, you must take care not to let other
  essential tasks fall by the wayside, such as your
  accounting.
• Which tasks must you remember to stay on top of,
  so that your business remains financially healthy
  and in compliance with the law? To give you an
  overview of the answer, weve created this quick
  look at the different things that you need to do
  to maintain a healthy financial position. Lets
  break it down into different timescales to
  explore what you need to do.

3

• Daily and Weekly Accounting Workflows
• Some tasks are so important that they deserve
  your attention at least once a week, sometimes
  once or more per day. These are highly critical
  tasks that will directly impact the way your
  business functions day to day. Be sure to check
  these items off your list
• Check for upcoming obligations, such as payment
  due dates, payroll requirements, and other
  spending requirements.
• Produce a cash position report to gauge your
  financial position, current liquidity, and cash
  intake at the start and end of the day.

4

• Review the status of outstanding invoices. Make
  payments as necessary, being aware of potential
  discounts.
• Keep a solid transaction ledger with all your
  debits and credits.
• Your Monthly Accounting Checklist
• While weekly accounting responsibilities are
  important, its just as crucial to avoid losing
  sight of some of the bigger picture items that
  only require your attention monthly. Your list
  will need to include steps such as
• Balance ledgers and balance sheets.
• Review balance changes from month to month to
  analyze business health.

5

• Review outstanding receivables for action and
  check on the status of payables.
• Quarterly Tasks You Shouldnt Overlook
• The fiscal year is a fundamental framework for
  the business world. The end of one quarter and
  the start of another is an excellent opportunity
  to evaluate some of the larger tasks in your
  accounting. Taking care of these tasks will make
  your life easier later
• Remit quarterly sales tax payments to the
  appropriate authorities.
• Update your profit and loss estimates for the
  year and adjust your plans for the next quarter.

6

• Estimate taxes due and make payments where
  required.
• Ticking the Boxes on Your Annual Responsibilities
• Finally, we cant forget about those annual
  obligations that, if missed, can land your
  business in hot water. Our list would include
  items such as
• Prepare and file your annual taxes for the year.
• Forward past due bills to collections or decide
  to write them off your books as a loss.
• Create year-end financial reports that will help
  you determine next years estimates and business
  plan.

7

• Feeling Overwhelmed? Find Professional Assistance
  Today
• With so many different tasks to keep track of,
  even the savviest business owners can find
  themselves feeling swamped by all the accounting
  work they need to handle. At Reion Accounting,
  weve structured our service to scale
  effortlessly to provide the level of additional
  help you need. Keep your attention focused where
  it belongs while our team uses technology,
  experience, and top-shelf service to help you
  with accounting, bookkeeping, tax preparation,
  and more. Learn about how we can help you with
  our flexible engagement models when you contact
  us to chat about your business today.

8

• Reion Accounting Business Services Ltd. is
  focused on providing high-quality service and
  customer satisfaction - we will do everything we
  can to exceed your expectations. By offering a
  variety of services including bookkeeping, tax
  planning and accounting services in Calgary, you
  know your finances are being looked after by a
  team dedicated to your success. Our firm has
  adapted to the fast pace of the world we live in
  now, and assists small and medium business owners
  with a streamlined approach to their bookkeeping
  and accounting needs. To learn how our
  accountants in Calgary can assist you and which
  roles we can play in supporting your business,
  please get in touch today.