Daily – Review your cash status, open your mail, organize and file receipts, record transactions (payments received and made).
Weekly – Pay bills, send out invoices, review cashflow, including unpaid bills (A/P) and unpaid invoices (A/R), post transactions so expenses are recorded and cash is counted. Payroll Processing.
Monthly – Balance checkbook, and credit card statements, review overdue items, review inventory, if applicable. Review Profit & Loss Statements and balance sheet, backup Software.
Quarterly – File quarterly estimated tax payments, review and fie quarterly payroll reports and submit quarter by payroll payments. Estimate and file quarterly income tax payments. Compute and pay sales tax liability. Prepare P&L statement create and review payroll reports.
Annually – Fill out IRS W2, 1099 take physical inventory of raw materials and finished goods. Update changes in unemployment insurance rate. Provide and review full year financial reports. Categorize any major purchases as fixed assets and depreciation. Provide list of adjusting journal entries.