YOUR WEEKLY & MONTHLY FINANCIAL Checklist
Do you find it hard to stay on top of your business finances? we get it - when you set up your business you ended up getting the job of Bookkeeper or Head of Finance which you didn’t apply for.
Time flies when running your own business and before you know it, it’s coming up to a filing deadline. Panic and chaos ensues as you desperately try to scramble everything together and you have no idea if you have enough cash on hand to pay your tax bills.
It all comes down to small & manageable habits and a simple system that will eventually breed confidence & ease.
Read on for our fool-proof weekly checklist on how to get your ducks in a row for a calmer & stress-free experience.
Reconcile your bank feed in Xero
Get your financial records up-to-date by balancing your books - review and verify your bank activity to make sure there is nothing unusual. Using software like Xero makes this much easier.
Process & pay bills
Get your payables up to date and settle any supplier payments due so you’re paying them on time.
Raise your sales invoices
Send out invoices for work you've done and chase any overdue invoices.
Approve employee expense claims and log your car mileage
Review, approve & pay your employee expense claims. Log your car journeys for mileage claims
Organise receipts
File those crumpled receipts. Using software such as Dext makes this super easy - just snap a picture and you’re good to go!
Mini-Cash Flow Health Check
Check upcoming scheduled payments to double-check there will be no unanticipated cash flow hiccups.
Little and often is the name of the game when it comes to keeping on top of your business finances. Doing 20-30 mins a week is much easier than 4x that for a quarter or worse a year. This will also help to create a sustainable habit for financial management.
Then add these to your checklist when you get to the end of the month:
Financial Check-In
Review your P&L in Xero. What's your revenue for the month/year so far? Are you on track with your income goals? How does it compare to last year?
Save for taxes
Simmer down the stress for your future self. Put aside your estimated business tax bills - VAT, PAYE & Corporation Tax.
Run payroll
It’s pay day! Pay yourself and your staff. You should update payroll records and review your payroll summaries.
Forecast Cash Flow
Forecast 1 month ahead using this formula: cash now + what you will receive - what you will spend. You can put cash into your business emergency fund if it's a good month or plan to use it if it's tight.
YOU’RE ALL DONE!
Goodbye chaos, hello calm & cool.
If you find these tasks simply soul destroying, we've got you covered. At Beaver & Bee Chartered Accountants, we offer a done-for-you service to take these tasks off your full plate. If you’re an ambitious female business owner who’d love to have a financial wing-woman by your side then get in touch with us.
