Keeping your books organized doesn’t have to be overwhelming. With a simple, repeatable process in place, you can gain control over your finances, avoid compliance issues, and make smarter business decisions. This monthly bookkeeping checklist is tailored specifically for small business owners to help you stay on top of your financial health—without the stress.
If you need help keeping your books in order, Eda Wealth offers expert bookkeeping services in Saudi Arabia for small businesses, startups, and growing enterprises.
Why Monthly Bookkeeping Matters
Consistent bookkeeping ensures that you:
- Keep track of income and expenses
- Avoid costly mistakes during tax season
- Make informed financial decisions
- Stay compliant with local laws and regulations
Use this small business checklist every month to stay organized and proactive about your financials.
✅ Monthly Bookkeeping Checklist
Below is a comprehensive checklist to keep your books tidy and up to date.
1. Reconcile Bank and Credit Card Statements
- Match transactions in your accounting software with your bank and credit card statements.
- Identify and resolve any discrepancies.
- Ensure no double entries or missing transactions.
📌 Tip: This helps catch errors early and ensures accurate cash flow reporting.
2. Review and Categorize Transactions
- Categorize all income and expenses correctly.
- Tag recurring transactions (e.g., rent, utilities) for automation.
- Confirm that all business expenses are recorded—don’t miss tax deductions!
3. Send Invoices and Follow Up on Payments
- Issue invoices for services rendered or products sold.
- Review aging receivables and follow up on overdue payments.
- Apply payments to outstanding invoices in your accounting system.
📌 Tip: Use reminders to speed up collections and improve cash flow.
4. Record and Pay Bills
- Enter all vendor bills and expenses.
- Schedule payments for upcoming due dates.
- Maintain good vendor relationships by avoiding late payments.
5. Review Payroll and Employee Expenses
- Ensure all employee wages, bonuses, and reimbursements are recorded.
- Reconcile payroll reports with bank statements.
- Stay compliant with local labor laws and tax deductions.
6. Calculate and Record Depreciation (if applicable)
- If you have fixed assets, record monthly depreciation.
- Review your asset list for any disposals or additions.
7. Review Financial Statements
- Review key reports:
- Profit & Loss Statement
- Balance Sheet
- Cash Flow Statement
- Compare performance against previous months and adjust your strategy if needed.
8. Backup Your Financial Data
- Ensure your accounting data is backed up securely—either cloud-based or external storage.
- Review data security protocols, especially if handling sensitive information.
9. Prepare for Tax Obligations
- Estimate and set aside money for VAT or income taxes.
- File any required monthly tax reports or returns with ZATCA or relevant authorities.
- Organize receipts and documents in case of audit.
📌 Tip: Use tax folders categorized by month to simplify year-end preparation.
10. Meet with Your Bookkeeper or Accountant (Optional but Recommended)
- Schedule a quick monthly meeting to review your books.
- Ask questions and clarify any unusual financial activity.
- Use this insight for better planning and budgeting.
Bonus: Use a Bookkeeping Software
Consider using cloud-based tools like QuickBooks, Xero, or Zoho Books to automate repetitive bookkeeping tasks and minimize human error.
Need Help Managing Your Monthly Bookkeeping?
Bookkeeping can be time-consuming, especially when you’re focused on growing your business. Let the experts at Eda Wealth take the burden off your shoulders. We offer customized bookkeeping services designed for small business owners across Saudi Arabia—accurate, timely, and fully compliant.
👉 Contact Eda Wealth for hassle-free bookkeeping