Free Weekly Accounting Checklist

Balance Sheet Verification: Confirm the accuracy of assets, liabilities, and equity to ensure the balance sheet reflects the true financial position.

Income Statement Analysis: Analyze revenues, expenses, and net income to assess profitability and identify any irregularities.

Cash Flow Statement Evaluation: Review cash inflows and outflows to manage liquidity and identify potential cash flow issues.

Budget vs. Actual Comparison: Compare actual financial performance against budgeted figures to pinpoint variances and adjust strategies accordingly.

Review of Key Ratios: Calculate and analyze key financial ratios, such as liquidity, profitability, and solvency ratios to gauge overall financial health.

Vendor Invoice Processing: Verify and approve vendor invoices for accuracy and completeness before processing payments.

Accounts Receivable Aging Report: Review the accounts receivable aging report to identify overdue invoices and follow up with customers for timely payments.

Credit Control Measures: Implement credit control procedures to minimize bad debts and maintain healthy accounts receivable turnover.

Payment Authorization: Ensure proper authorization procedures are followed for outgoing payments to prevent unauthorized expenditures.

Bank Reconciliation: Reconcile bank statements with accounting records to identify and rectify any discrepancies in cash balances.

Expense Categorization: Categorize expenses accurately to track spending in different areas and identify opportunities for cost savings.

Budget Adherence Review: Compare actual expenses against budgeted amounts to assess adherence to financial plans and identify areas for improvement.

Expense Approval Process: Ensure expenses are properly authorized and documented before processing payments to prevent unauthorized spending.

Vendor Contract Review: Review vendor contracts to ensure compliance with negotiated terms and identify opportunities for renegotiation or cost optimization.

Forecasting and Planning: Use historical expense data to forecast future spending and adjust budget allocations as necessary to achieve financial goals.