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> Bookkeeping and accounting checklist
Bookkeeping and accounting checklist
Financial Records
Maintain a general ledger
Organize and file source documents, such as invoices, receipts, and bank statements
Reconcile bank and credit card statements
Track accounts payable and accounts receivable
Record and track employee expenses
Update inventory records, if applicable
Reporting and Analysis
Prepare financial statements, including income statements, balance sheets, and cash flow statements
Conduct regular financial analysis to identify trends and areas for improvement
Calculate key financial ratios, such as profitability and liquidity ratios
Generate aging reports for accounts receivable and accounts payable
Prepare and file required tax forms and reports
Internal Controls
Establish and maintain internal control procedures to prevent fraud and errors
Segregate duties to ensure proper checks and balances
Regularly review and reconcile accounts to detect discrepancies
Implement backup systems for financial data and records
Conduct periodic internal audits to ensure compliance with accounting standards
Payroll and Employee Benefits
Process payroll accurately and on time
Deduct and remit payroll taxes, including income tax and social security contributions
Ensure compliance with labor laws and regulations
Maintain records of employee benefits, such as health insurance and retirement plans
Prepare and distribute employee pay stubs and annual W-2 forms
Tax Compliance
Keep track of tax filing deadlines and due dates
Maintain records of deductible expenses for tax purposes
Calculate and remit sales tax, if applicable
Keep up-to-date with changes in tax laws and regulations
Consider consulting with a tax professional for complex tax matters
Year-End Closing
Perform year-end closing procedures, including adjusting entries and accruals
Prepare financial statements for the fiscal year
Conduct physical inventory count, if applicable
Review and reconcile all accounts before closing the books
Generate year-end reports for tax and financial purposes
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