Simple bookkeeping fundamentals [infographic]

You started a small business, are doing your own bookkeeping and want to make sure you are covering all that’s needed.  This guide is for you!  It outlines the basic, and most common, monthly bookkeeping tasks.

Depending on the size and complexity of your business, some of these tasks may be performed multiple times during the month.  Alternatively, if your business has few transactions, you may review your financial statements and adjust your cash flow forecast every two or three months.  This is a general overview; modify it to suite your business needs.  For example, if you carry inventory, add in a monthly review of your inventory account.

However you decide to use this information, know that it’s important to identify the critical tasks that must be done to keep your business in good shape.  Ensure those tasks are performed consistently and regularly.  For example, frequent invoicing, monitoring accounts receivable and payable, and reconciling your accounts are important tasks for cash flow management and making sure all of your transactions are accurately recorded.  In other words, they are crucial for your business success and financial management.

basic monthly bookkeeping tasks

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