Bookkeeping Checklist for Small Business Owners
Bookkeeping doesn’t have to be overwhelming—especially when you have a checklist to follow.
Whether you’re a solopreneur or running a growing business, this guide gives you the exact monthly and year-end bookkeeping tasks to keep your finances in order (and your accountant happy).
Let’s get into it.
Are you looking for abookkeeper for your small business? Explore theSam's Listdirectory to find bookkeepers specialized in your industry, stage of business, and needs!
Monthly Bookkeeping Checklist
Here’s what every small business should be doing each month to stay on top of their books:
| Task | Why It Matters |
|---|---|
| Reconcile bank and credit card accounts | Catch errors, fraud, or duplicate charges early |
| Categorize income and expenses | Keeps your financial reports accurate and tax-ready |
| Review outstanding invoices (Accounts Receivable) | Stay on top of unpaid customer invoices and follow up |
| Track unpaid bills (Accounts Payable) | Avoid late fees or interest charges |
| Run a Profit & Loss (P&L) report | Understand your income vs. expenses month-to-month |
| Check your cash flow | Plan for upcoming expenses and make smarter spending decisions |
| Back up your financial data | Protect your business in case of software crashes or data loss |
"Founders who wait until the end of the year to clean their books always regret it. Monthly reconciliation saves money—and your sanity." — Accountant on Sam’s List
Year-End Bookkeeping Checklist
When the calendar year wraps up, here’s what to check off:
| Task | Why It Matters |
| Reconcile all bank and credit accounts for the year | Ensures no transaction is missed before filing taxes |
| Review and clean up your Chart of Accounts | Makes reports cleaner and more useful for strategy or audits |
| Run year-end financial reports (P&L, Balance Sheet, Cash Flow) | Gives a full snapshot of your business performance |
| Review fixed assets and depreciation | Helps with accurate tax reporting and deductions |
| Collect W-9s and issue 1099s if needed | Required for contractors/vendors who earned $600+ |
| Verify payroll tax filings and W-2s | Prevents penalties and keeps your team compliant |
| Meet with your accountant or tax pro | Prepares you for filing and planning for next year |
Want help with this process?Find a bookkeeper who works with small businesses
Bonus Tips for Staying Organized
Use accounting software like QuickBooks or Xeroto automate recurring tasks
Schedule a recurring “Finance Friday”once a month to tackle bookkeeping tasks
Keep digital copies of all receipts and documentsusing tools like Google Drive or Hubdoc
Hire a pro when it gets too complex— messy books cost more to clean up later
One Sam’s List client shared they spent 10+ hours reconciling last year’s books—and still missed over $3,000 in deductions. “I should’ve brought in a pro months earlier.”
FAQs
How often should a small business do bookkeeping?
Ideally, every week or month. Waiting until year-end leads to mistakes and missed opportunities.
What bookkeeping tasks can I outsource?
Everything from categorizing expenses to generating reports, issuing 1099s, and tax prep.
Is bookkeeping software enough?
Software helps, but only if you know what to do with it. Hiring a pro ensures accuracy and strategy.
Do I need a bookkeeper or an accountant?
Start with a bookkeeper to keep things organized. Bring in an accountant for tax strategy, compliance, or growth planning.
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Author: Kimi, Co-founder of Sam’s List
Kimi writes about what she's learning while building Sam’s List and shares honest takeaways from her conversations with accountants and financial advisors across the country. None of this is financial advice—just the stuff most people wish someone told them sooner.
