Keep bookkeeping on a rhythm: categorize transactions weekly, reconcile bank and credit card accounts monthly, review profit and set aside estimated taxes quarterly, and close the year by confirming W-2s, 1099s, and inventory. Small, regular steps are what make tax season fast and inexpensive.
Weekly
- Categorize income and expenses
- Save receipts digitally, with a note of the business purpose
- Send invoices and follow up on anything overdue
Monthly
- Reconcile every bank and credit card account to its statement
- Review the profit and loss statement and balance sheet
- File sales tax returns if you collect Florida sales tax (due by the 20th)
- Check that payroll records match what was paid
Quarterly
- Compare profit to last year and to your plan
- Make estimated tax payments
- File payroll reports (Form 941 and Florida RT-6) if you have employees
Year End
- Confirm contractor details (W-9s) and prepare 1099s
- Issue W-2s to employees
- Count inventory, if you carry it
- Review fixed-asset purchases for depreciation
- Meet with your tax preparer before December 31 to look at planning options
Before Hurricane Season
Southwest Florida businesses should keep digital, off-site backups of financial records. If a storm damages the office, you'll still have what you need for insurance claims, disaster relief, and your return.
Rather hand this list to someone else? Our bookkeeping service handles the weekly and monthly work and delivers financial statements each month.
Frequently Asked Questions
How often should a small business reconcile its accounts?
Monthly, when statements arrive. Monthly reconciliation catches errors and fraud while they're still easy to fix.
What records should I keep for taxes?
Receipts, invoices, bank and card statements, payroll records, and asset purchase records. The IRS generally expects records to be kept for at least three years after filing, and longer in some cases.
Talk to St. Clair Advisory Group
Every situation is different. Our team in Cape Coral can review yours and tell you what applies.
This article is general information, not tax or legal advice for your situation. Tax rules change, and dates can shift for weekends, holidays, and IRS disaster relief. Confirm current rules with a tax professional before acting.