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accounting checklist

General Accounting Procedures

Ensure all financial transactions are recorded accurately.

Reconcile bank statements monthly.

Maintain an organized filing system for financial documents.

Review and update accounting policies and procedures regularly.

Accounts Payable

Verify and approve all vendor invoices before payment.

Schedule and process payments to vendors in a timely manner.

Maintain a list of approved vendors and their payment terms.

Reconcile accounts payable ledger with vendor statements monthly.

Accounts Receivable

Issue invoices promptly after the delivery of services.

Monitor accounts receivable aging reports regularly.

Follow up on overdue invoices according to a set schedule.

Record payments received accurately and promptly.

Payroll Management

Process employee payroll accurately and on time.

Maintain up-to-date records of employee hours and wages.

Ensure compliance with tax withholding and reporting requirements.

Review payroll reports for discrepancies before finalizing payments.

Financial Reporting

Prepare monthly financial statements (income statement, balance sheet, cash flow statement).

Conduct variance analysis to compare actual results to budgeted figures.

Present financial reports to management on a regular basis.

Ensure compliance with accounting standards (GAAP, IFRS, etc.).

Budgeting and Forecasting

Develop annual budgets in collaboration with relevant departments.

Monitor budget performance and adjust forecasts as necessary.

Conduct regular financial reviews to assess budget variances.

Engage in scenario planning for potential financial impacts.

Tax Compliance

Ensure timely filing of all tax returns (federal, state, local).

Maintain records for tax deductions and credits.

Conduct annual tax planning to optimize tax liabilities.

Stay informed on changes in tax laws and regulations.

Internal Controls

Design and implement internal controls to prevent fraud and errors.

Conduct regular internal audits to assess compliance with policies.

Review access rights to financial systems and data regularly.

Train staff on the importance of internal controls and compliance.

Year-End Procedures

Conduct a year-end financial review and close out the books.

Prepare for external audits by organizing financial records.

Compile necessary documentation for tax filings.

Evaluate financial performance and set goals for the next fiscal year.

This checklist can help consulting organizations maintain effective accounting practices and ensure compliance with financial regulations.

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