Monthly reflections are not popular as goal setting and new year resolutions. Most of the time we give more preference and importance to planning rather than reflecting over a current state, in fact reflecting can be more insightful. Doing monthly reflections have a huge change in a business owner ‘s life.
You know how to budget, set sales target for the month, controll business expenses, suitable time period to acquire a debt or obtaining an asset, understanding business performance and position, cashflow, etc.
If you are serious about your business, following this checklist will help in managing business finances, compliance and growing the business.
1. Bank Reconciliation
• Review and Reconcile bank statements.
• Verify outstanding payments and deposits.
2. Journal Entries
• Record adjusting entries for accruals and referrals.
• Update depreciation for fixed assets.
• Adjust prepaid expenses and unearned revenue.
3. Accounts Receivable
• Reconcile account receivable.
• Verify the allowance for doubtful accounts.
4. Accounts Payable
• Confirm the accuracy of the recorded expenses.
• Reconcile account payable.
5. Payroll
• Review payroll transactions for accuracy.
• Confirm tax withholdings and other deductions.
6. Fixed Assets
• Update fixed asset registers.
• Record disposals or additions to fixed assets.
7. Inventory
• Verify physical inventory against recorded amounts.
• Adjust inventory levels as needed
8. Liabilities
• Confirm all liabilities are recorded.
• Reconcile outstanding loans or credit balances.
9. Backup and security
• Backup financial data ensure it is secured.
• Review access control against are being completed.
10. Final Review
• Perform a final review of the entire closing process.
• Confirm that all necessary steps have been completed accurately.
11. Revenue Recognition
• Confirm proper recognition of revenue.
• Review deferred revenue and recognize as appropriate.
12. Financial Statements
• Generate financial statements (income statement, Balance Sheet & Cash Flow Statement)
13. Analysis
• Analyze financial statements for trends and anomalies.
• Conduct variance and analysis against budget/forecast.
14. Reporting
• Share financial reports with relevant stakeholders.
• Address any queries or concerns.
15. Compliance
• Ensure compliance with accounting standards of regulations.
• Document any changes in accounting policies.
Compiled by Ms. Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting (Pty) Ltd – Registered Accountant and Certified Tax Practitioner.
Matsobanemetja Business Consulting (Pty) Ltd is your accounting partner that you can entrust with the bookkeping function, right up to financial reporting. We helps you keep accurate records of your business finances.
We have well trained and qualified staff that manages the aspect of both business and individual taxes.
We are the fast growing accounting service-providing agency in South Africa and across the globe.
If you need a consultation with us with regards to your business, any type of business – please reach out to us by email hello@matsobanemetja.blog
Matsobanemetja Business Consulting (Pty) Ltd offers a wide range of bookkeeping and accounting services, tailored to your business needs at an affordable price.
You may please inquire with us by sending an email to enquiries@matsobanemetja.co.za
https://linktr.ee/DikelediS
“If you had a better plan, you would have more money. It’s not the amount that counts; it’s the plan that counts.”
— Jim Rohn
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Matsobanemetja Business Consulting Pty Ltd 