Small Business Bookkeeping Checklist: Daily, Weekly, and Monthly Tasks

If you’re a small business owner, bookkeeping probably isn’t why you started your business. But here’s the truth I’ve learned working with dozens of Utah small businesses: the owners who stay on top of their books are the ones who build profitable, sustainable companies.

The good news? You don’t need to be an accountant to maintain good books. You just need a system—a checklist you can follow consistently.

In this guide, I’ll share the exact bookkeeping checklist I recommend to my clients. Whether you’re doing your own books or working with a bookkeeper, this framework will help you stay organized and make better financial decisions.

Why You Need a Bookkeeping Checklist

Before diving into the tasks, let’s talk about why a checklist matters:

Prevents missed transactions: Small expenses add up. A forgotten receipt here, an uncategorized transaction there—suddenly your books don’t match reality.
Catches errors early: Finding a mistake in December when you’re doing year-end cleanup is painful. Finding it the same week it happened? Easy fix.
Saves time at tax season: When your books are current, tax prep takes hours, not weeks.
Enables better decisions: You can’t manage what you don’t measure. Clean books give you the data to make smart choices.

Daily Bookkeeping Tasks (5-10 minutes)

These quick daily habits prevent small problems from becoming big ones.

1. Record All Sales and Income

Every time money comes in, record it. This includes:

Point-of-sale transactions
Online payments (Stripe, PayPal, Square)
Invoices paid
Cash sales (don’t forget these!)

Pro tip: If you’re using QuickBooks, Xero, or another cloud accounting system, most of this happens automatically through bank feeds. Your job is to make sure the transactions are categorized correctly.

2. Track All Expenses

Keep every receipt. Every single one. Options include:

Take a photo with your phone immediately
Use an app like Dext (formerly Receipt Bank) or HubDoc
Email receipts to a dedicated folder
Physical folder if you prefer paper (but please scan them too)

The IRS requires you to keep receipts for business expenses. More importantly, you need them to claim legitimate deductions.

3. Update Your Cash Position

At minimum, know these two numbers every day:

Bank balance: What’s actually in your account right now
Cash available: Bank balance minus any outstanding checks or pending payments

If you’re using the Profit First system (which I strongly recommend), you’ll check your INCOME account and ensure proper allocations are made.

4. Follow Up on Outstanding Invoices

Check for:

Invoices due today
Invoices now past due
Payments received that need to be applied

Cash flow problems often start with slow collections. A daily 2-minute check prevents 30-day-old problems.

Weekly Bookkeeping Tasks (30-60 minutes)

Set aside time once a week—I recommend Friday afternoon or Monday morning—for these tasks.

1. Reconcile Daily Transactions

Review the week’s transactions and make sure:

All income is recorded and categorized correctly
All expenses are recorded and categorized correctly
No duplicates exist
All splits are accurate (if you paid one bill covering multiple expense categories)

2. Review Accounts Receivable

Create a simple aging report:

Current: Due within terms
1-30 days past due: First follow-up needed
31-60 days past due: Stronger follow-up
60+ days past due: Collection procedures

For each past-due invoice, send a reminder or make a call. The squeaky wheel gets paid.

3. Review Accounts Payable

Look at what you owe:

What bills are due this week?
What bills are due next week?
Are there any early payment discounts you should capture?
Are there bills you need to delay due to cash flow?

4. Process Payroll (if applicable)

If you run payroll weekly:

Verify hours worked
Process payroll through your provider
Ensure payroll taxes are set aside
Record the payroll expense properly

5. Review Bank Feeds

Check your bank feed for:

Transactions that need categorization
Transactions that seem wrong (fraud happens)
Pending transactions that might change

6. Update Your Cash Flow Forecast

Adjust your rolling forecast based on:

Actual receipts vs. projected
Actual expenses vs. projected
Any new expected income or expenses
Changes in timing

Monthly Bookkeeping Tasks (2-4 hours)

The monthly close is where good bookkeeping really pays off.

1. Bank Reconciliation

This is non-negotiable. Every month, reconcile every bank and credit card account. This means:

Compare your book balance to your bank statement balance
Account for any differences (outstanding checks, deposits in transit)
Investigate and fix any discrepancies
Sign off on the reconciliation

If your books don’t reconcile, stop everything and fix it. An unreconciled account is a ticking time bomb.

2. Review and Categorize All Transactions

Go through every transaction for the month:

Is it in the right account?
Is it the right amount?
Does it have proper documentation (receipt, invoice)?
Does the description make sense?

3. Review Credit Card Statements

Beyond reconciliation, look for:

Unauthorized charges
Subscriptions you forgot about
Duplicate charges
Misclassified expenses

4. Process Depreciation (if applicable)

If you have fixed assets (equipment, vehicles, buildings), record monthly depreciation. Most accounting software can automate this.

5. Review Inventory (if applicable)

If you sell physical products:

Verify inventory counts match your records
Adjust for shrinkage or damage
Update cost of goods sold
Investigate significant variances

6. Generate Monthly Financial Reports

At minimum, produce these three reports:

1. Profit and Loss Statement (Income Statement)

Shows revenue, expenses, and profit for the month
Compare to previous months and to budget
Look for unusual variances

2. Balance Sheet

Shows assets, liabilities, and equity
Verify it balances (assets = liabilities + equity)
Review for anything unusual

3. Cash Flow Statement

Shows where cash came from and went
Critical for understanding your cash position
Helps predict future cash needs

7. Review Profit First Allocations (if using Profit First)

If you’re using the Profit First system:

Calculate actual percentages vs. target percentages
Make quarterly allocation adjustments
Transfer profit distribution to savings
Review owner’s pay consistency

8. Backup Your Data

Even if you’re using cloud accounting:

Export a backup of your data
Store it in a separate location
Verify the backup works

Quarterly Bookkeeping Tasks (4-8 hours)

Every quarter, take a deeper look at your finances.

1. Estimated Tax Payments

If you’re required to pay quarterly estimates:

Calculate the payment amount
Make the payment by the deadline (April 15, June 15, September 15, January 15)
Record the payment in your books

2. Sales Tax Filing (if applicable)

Depending on your state and business:

Compile sales tax collected
File your sales tax return
Make the payment
Reconcile to your books

3. Payroll Tax Reconciliation

If you have employees:

Verify 941 deposits match payroll records
Reconcile state withholding
File any required quarterly reports

4. Review Chart of Accounts

Look at your chart of accounts for:

Accounts that should be combined
New accounts that need to be created
Inactive accounts that can be hidden
Naming inconsistencies

5. Financial Review Meeting

Schedule time (even if it’s just with yourself) to:

Review year-to-date performance vs. goals
Identify trends (positive and negative)
Adjust forecasts for the rest of the year
Set priorities for the next quarter

6. 1099 Contractor Review

Before year-end surprises:

Verify you have W-9s for all contractors
Confirm payments are tracking correctly
Identify anyone who will need a 1099

Year-End Bookkeeping Tasks

Year-end is when everything comes together. Give yourself plenty of time—ideally start in November.

1. Complete All Monthly Tasks

Make sure every month of the year is closed and reconciled. Don’t let December be the first time you look at March.

2. Review All Accounts for Accuracy

Go through each account:

Are there old outstanding items that need to be written off?
Are there misclassifications to correct?
Are there adjusting entries needed?

3. Physical Inventory Count

If you have inventory, do a year-end count and adjust your books to match reality.

4. Review Fixed Assets

Are all assets still in use?
Have any been disposed of?
Is depreciation recording correctly?

5. Prepare 1099s

By January 31, you need to:

Identify everyone who needs a 1099
Verify their information (name, address, TIN)
Generate and file the forms

6. Gather Tax Documents

Compile everything your CPA needs:

Year-end financial statements
Bank statements for all accounts
Loan statements
Asset purchase documentation
Any other supporting documents

7. Set Up for Next Year

Review and update your chart of accounts
Set new budget targets
Update your Profit First percentages
Clean up any software issues

Making It Work: Tips for Consistency

A checklist only works if you actually use it. Here’s how to build the habit:

1. Schedule It

Block time in your calendar for bookkeeping. Treat it like any other important business meeting.

Daily tasks: 10 minutes each morning
Weekly tasks: Friday afternoon or Monday morning
Monthly tasks: First week of the following month
Quarterly tasks: Same week each quarter

2. Use Technology

Modern tools make bookkeeping much easier:

Bank feeds: Automatic transaction import
Receipt scanning: Dext, HubDoc, or your phone’s camera
Automation: Rules for recurring transactions
Dashboards: Real-time visibility into your numbers

3. Know When to Get Help

DIY bookkeeping works up to a point. Consider hiring a bookkeeper when:

You’re spending more than a few hours per week on books
You’re making mistakes that cost you money
Your books are behind and you can’t catch up
You’d rather focus on growing your business
Your business is becoming more complex

Your Next Step

Here’s my challenge to you: Pick one thing from this checklist that you’re not currently doing, and start doing it this week.

Maybe it’s daily receipt tracking. Maybe it’s monthly bank reconciliation. Whatever it is, build the habit before adding more.

And if you’re looking at this list thinking “I don’t have time for all of this”—that’s okay. That’s exactly why bookkeeping services exist.

At Profit Path Books, we handle all of this for our clients, plus we implement the Profit First system to help you actually keep more of what you earn. If you’d like to talk about how we can help your Utah small business get its books in order, book a free consultation.

Download the Checklist: Want a printable version of this checklist? Get the free PDF to keep at your desk.