This comprehensive checklist is designed to help you manage your financial records effectively. Regular adherence to these tasks ensures that your bookkeeping is accurate, up-to-date, and compliant with UK regulations. Utilise this checklist as a roadmap for your financial management processes, customising it as necessary to fit the unique needs of your business.
Daily Tasks
- Review and file incoming financial documents (invoices received, receipts, bank statements).
- Record daily sales and income in your accounting software or ledger.
Weekly Tasks
- Issue invoices to clients/customers promptly.
- Process and file outgoing payments (supplier invoices, expense receipts).
- Review and categorise expense transactions in your accounting software.
- Collect and file all physical receipts and ensure they match digital records.
Monthly Tasks
- Reconcile bank accounts to ensure your records match the bank statements.
- Review debtor and creditor lists to identify overdue accounts.
- Follow up on outstanding invoices to maintain healthy cash flow.
- Process payroll and ensure all employee records are up to date.
- Review monthly financial statements (profit and loss, balance sheet) for insights into your business’s performance.
- File and organise all financial documents related to the month’s transactions.
- Check for any changes in tax regulations or financial compliance requirements.
Quarterly Tasks
- Prepare and review quarterly financial reports.
- Submit VAT returns (if registered for VAT).
- Review budget vs actuals to track financial performance and adjust forecasts as necessary.
- Assess inventory (if applicable) for valuation and management.
Yearly Tasks
- Prepare year-end financial statements.
- Archive financial records from the previous fiscal year, ensuring they are labelled and stored securely.
- Review and update financial processes and software as needed for efficiency and compliance.
- Prepare for and conduct annual inventory count (if applicable).
- File annual accounts and tax returns.
- Review annual budget and set financial goals for the coming year.
- Meet with your accountant or bookkeeper to discuss financial planning and strategies.
Additional Tasks
- Regularly back up digital records to prevent data loss.
- Stay informed about changes in financial regulations that affect your business.
- Assess and plan for tax liabilities throughout the year to avoid surprises.
- Continuously improve financial literacy to make informed business decisions.
This checklist serves as a general guideline and may need adjustments to suit the specific requirements of your business or industry. Regular and diligent financial record management is key to maintaining a healthy business and ensuring compliance with legal obligations.