Quarterly Bookkeeping Checklist for Small Business Owners
As a small business owner, staying on top of your finances can feel like a full-time job. But it doesn’t have to be. By checking in with your bookkeeping once a quarter, you can stay organized, reduce stress, and keep your business financially healthy—all without scrambling at year-end.
This quarterly checklist breaks everything down into simple, actionable steps to help you stay on track. Whether you do your own bookkeeping or work with a professional, this guide is your roadmap to better business finances.
1. Review & Categorize All Transactions
Uncategorized transactions can mess up your financial reports and tax deductions.
Why it matters: Proper categorization ensures clean reports and accurate tax filings.
How to do it:
In QuickBooks, go to the Banking tab.
Review uncategorized transactions.
Create rules for recurring expenses to automate the process in the future.
2. Reconcile All Bank and Credit Card Accounts
Make sure your QuickBooks (or other bookkeeping software) matches your bank and credit card statements.
Why it matters: Reconciliation catches errors, missing transactions, and duplicates. It ensures your records are accurate.
How to do it:
Match every transaction in your books to a line on your bank statement.
Investigate any discrepancies and resolve them.
Mark accounts as reconciled in QuickBooks Online.
3. Run Key Financial Reports
Financial reports help you understand how your business is really doing.
Why it matters: Reports like the P&L and Balance Sheet help you make informed decisions and track performance.
Key reports to run:
Profit and Loss (Income Statement)
Balance Sheet
Cash Flow Statement
Accounts Receivable Aging Report
Accounts Payable Aging Report
4. Review Accounts Receivable (Money Owed TO You)
Make sure customers are paying you on time.
Why it matters: Outstanding invoices hurt cash flow.
How to do it:
Run your Accounts Receivable Aging Report.
Follow up on overdue invoices.
Consider automating reminders for unpaid bills.
5. Review Accounts Payable (Money YOU Owe)
Don’t let unpaid bills damage vendor relationships or cause late fees.
Why it matters: Staying current with payments builds trust and avoids penalties.
How to do it:
Run your Accounts Payable Aging Report.
Schedule payments for any upcoming bills.
Check for any duplicate or incorrect entries.
6. Review Your Budget vs. Actuals
Compare your actual income and expenses to your budget.
Why it matters: Helps you stay on track with financial goals and adjust course if needed.
How to do it:
Use QuickBooks' Budget vs. Actual report.
Identify areas where you’re overspending or under-earning.
Adjust your plans for the next quarter accordingly.
7. Set Aside Money for Taxes
Quarterly taxes sneak up fast—be ready.
Why it matters: Avoid underpayment penalties and cash flow stress.
How to do it:
Estimate your tax liability using your quarterly profit.
Set aside 25–30% of your profit in a separate savings account.
Make your estimated tax payment by the deadline.
8. Meet with Your Bookkeeper or CPA (Optional but Highly Recommended)
Use this opportunity to ask questions and review your financial performance.
Why it matters: A financial expert can spot issues, give insights, and help you make smarter decisions.
How to do it:
Schedule a 30–60 minute check-in.
Review reports and discuss goals for the next quarter.
Adjust your strategy if needed.
Final Thoughts
Quarterly check-ins don’t have to be overwhelming. With a clear, simple checklist, you can stay ahead of your finances, avoid surprises, and make confident decisions all year long.
At DPP Bookkeeping, LLC, we help small businesses stay financially organized and prepared for whatever comes next. Want this checklist done for you each quarter? Let’s talk!
Visit DPPBookkeeping.com to learn more or schedule your free consultation.