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Accounting Check List

1. Financial Planning and Budgeting

Review previous financial performance and trends.

Set financial goals and objectives for the upcoming period.

Prepare detailed budgets for each department.

Allocate resources based on strategic priorities.

2. Revenue Recognition

Ensure compliance with relevant revenue recognition standards (e.g., ASC 606).

Document contracts and agreements for services and products.

Monitor milestones and performance obligations.

Record revenue accurately in the financial system.

3. Expense Management

Categorize all expenses accurately (operational, capital, etc.).

Set up approval processes for all expenditures.

Monitor and control discretionary spending.

Review vendor contracts and negotiate terms for cost savings.

4. Invoice Processing

Implement a system for receiving and processing invoices.

Verify that all invoices are accurate and match purchase orders.

Ensure timely approval and payment of invoices.

Maintain a tracking system for outstanding invoices.

5. Payroll Management

Confirm employee classifications (exempt vs. non-exempt).

Ensure compliance with federal and state payroll regulations.

Process payroll on a regular schedule (bi-weekly, monthly).

Review payroll reports for accuracy and discrepancies.

6. Financial Reporting

Prepare monthly, quarterly, and annual financial statements.

Conduct variance analysis against budgets and forecasts.

Ensure compliance with GAAP or IFRS reporting standards.

Distribute financial reports to stakeholders in a timely manner.

7. Tax Compliance

Maintain awareness of tax obligations and deadlines.

Prepare and file all necessary federal, state, and local taxes.

Keep accurate records of tax-related documents.

Consult with tax professionals for complex tax issues.

8. Internal Controls and Audits

Establish internal controls to prevent fraud and errors.

Conduct regular audits of financial processes and systems.

Review access controls to financial systems and data.

Implement corrective actions based on audit findings.

9. Asset Management

Maintain an inventory of all IT assets (hardware and software).

Implement a depreciation schedule for capital assets.

Review asset utilization and ensure efficient use.

Dispose of obsolete or underutilized assets appropriately.

10. Financial Software and Systems

Evaluate the effectiveness of current accounting software.

Ensure all financial systems are up to date and secure.

Train staff on the use of financial management tools.

Review integration between accounting software and other systems.

This checklist can help ensure that all financial aspects of the IT organization are managed effectively and in compliance with relevant regulations and standards.

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