A practical month-end checklist for your business

Collect the records for the same period

Bring together sales invoices, purchase bills, receipts, bank statements and relevant payment records. Check that they cover the period being reviewed. Keep a note of missing documents rather than leaving unexplained gaps.

Use a consistent naming and filing approach. The goal is to let you and your accountant trace a transaction back to its supporting record without a lengthy search.

Reconcile the bank activity

Compare the bank statement with the transactions recorded in your accounts. Identify transfers, charges, outstanding items and entries that need clarification. Matching a total is not enough if individual transactions remain unexplained.

Cash transactions need their own supporting records and review. Business and personal spending should be distinguishable so the reports reflect the business activity.

Review customers, suppliers and stock

Check unpaid customer invoices and supplier balances. Look for duplicate entries, disputed amounts, unusual ageing and payments recorded against the wrong invoice.

If the business holds inventory, review the stock records and the effect of purchases and sales on the month’s costs. Confirm unusual shortages or adjustments with the person responsible for the stock.

Keep payroll and obligations in the routine

Gather payroll changes, attendance information where relevant and payment records. Review the filings, withholdings and renewals that apply to your registrations and operations.

Tax obligations and deadlines depend on the business and the applicable rules. Ask your accountant to confirm your own requirements. A generic checklist should not be treated as a complete filing calendar.

Finish with a short business review

Read the report and write down what changed: sales, direct costs, overheads, margins and collections. Ask about movements you do not understand. Agree the next actions while the period is still fresh.

• Which records or balances still need confirmation?
• What explains the largest change in profit?
• Are collections and upcoming payments manageable?
• Who will complete each next action, and when?

Build a routine you can repeat

A useful monthly process is one the business can sustain. Agree how records will be shared, who will answer questions and when the report will be reviewed. Hisab Kitab can help define that routine during your first consultation.