A Checklist For Tax Accounting For A Small Business

If you are the owner of a small business and you want to ensure that the tax accounting aspect of it is going well. You need to ensure that you are acquainted with basic financial reports such as your balance sheet, income statement and cash flow statement. However, you must ensure that you have a realistic place for your business records.

There is a general timeline we recommend, that can help you to care for the accounting aspects of your business.

Some of your daily accounting tasks should include:

Checking cash position

Some of your weekly accounting tasks should include:

Record transactions

Document and file receipts

Review unpaid bills from vendors

Pay vendors, sign checks

Prepare and send invoices

Review the projected cash flow

Some of your monthly accounting tasks include:

Balancing your business checkbook

Review past-due or “aged” receivables

Analyze inventory status

Process or review payroll and approve tax payments

Review actual profit and loss vs. budget vs. prior years

Review month-end balance sheet vs. prior period

Some of your quarterly accounting tasks include:

Prepare/review revised annual P&L estimate

Review quarterly payroll reports and make payments

Review sales tax and make quarterly payments

Compute estimated income tax and make payment

Some of your annual accounting tasks include:

Review past-due receivables

Review your inventory

Fill out IRS Forms W-2 and 1099-MISC

Review and approve full-year financial reports and tax returns

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