Day 5 : Don't Overlook This! End-of-Quarter Bookkeeping Checklist

The end of Q3 is upon us, and proper bookkeeping is crucial for accurate financial reporting and effective business management. Use this checklist to ensure your books are in order before we head into the final quarter of 2025.

Bank and Credit Card Reconciliation

□ Reconcile all business bank accounts through September 30th □ Reconcile all business credit cards □ Investigate and resolve any outstanding discrepancies □ Ensure all deposits in transit are recorded □ Account for any outstanding checks

Accounts Receivable Review

□ Update customer invoices through quarter-end □ Follow up on past-due accounts □ Consider whether any accounts need to be written off as bad debt □ Review payment terms and collection procedures □ Prepare aging reports for management review

Accounts Payable Management

□ Enter all vendor invoices received through quarter-end □ Ensure proper approval processes were followed □ Review aging reports for payment planning □ Take advantage of early payment discounts where beneficial □ Accrue for services received but not yet billed

Inventory Procedures

□ Update inventory counts and valuations □ Review slow-moving or obsolete inventory □ Ensure proper cost allocation methods □ Reconcile physical counts with book values □ Consider year-end inventory planning needs

Payroll and Employment Taxes

□ Verify all payroll entries are complete and accurate □ Ensure payroll taxes were properly withheld and remitted □ Review independent contractor vs. employee classifications □ Update employee information as needed □ Prepare for Q3 payroll tax filings

Fixed Assets and Depreciation

□ Record any new asset purchases □ Update depreciation calculations □ Review asset disposals or retirements □ Consider Section 179 election opportunities □ Ensure proper capitalization policies are followed

Revenue Recognition

□ Ensure all Q3 revenue is properly recorded □ Review unearned revenue balances □ Consider any revenue recognition timing issues □ Verify contract terms and milestone completions □ Prepare revenue analysis for management

Expense Review and Accruals

□ Review all expense categories for completeness □ Accrue for expenses incurred but not yet recorded □ Ensure proper expense categorization □ Review prepaid expenses and amortization □ Consider any unusual or one-time expenses

Financial Statement Preparation

□ Generate preliminary financial statements □ Review for reasonableness and accuracy □ Compare to budget and prior periods □ Identify any significant variances □ Prepare explanatory notes as needed

Tax Planning Considerations

□ Estimate current year tax liability □ Review quarterly estimated tax payments □ Consider timing of income and expenses □ Plan for any necessary tax elections □ Document any questionable deductions

Documentation and Filing

□ Organize supporting documentation □ Update accounting policies and procedures □ Ensure proper backup of electronic records □ File or organize physical documents □ Update chart of accounts as needed

Management Reporting

□ Prepare management reports and analysis □ Calculate key performance indicators □ Compare actual results to budgets and forecasts □ Identify trends and areas of concern □ Schedule management review meetings

The Benefits of Staying Current

Regular bookkeeping maintenance provides:

• Accurate financial information for decision-making

• Better cash flow management

• Simplified tax preparation

• Improved audit readiness

• Enhanced business valuation

Don't let your bookkeeping fall behind. Address these items now to start Q4 with clean, accurate books and clear financial visibility.