3 Bookkeeping Tasks Every Small Business Should Do Monthly ✅
Taylor Vanderburgh- Apr 26
- 4 min read
Stay Organized, Reduce Stress, and Keep Your Finances on Track
As a small business owner, your time is incredibly valuable. Between managing clients, marketing your services, and growing your business, bookkeeping will often fall to the bottom of your to-do list. But staying on top of your books monthly can save you time (and countless headaches) down the road. As we wrap up tax season, we can tell you this is especially true for our clients at tax time.
At Simcoe Office Solutions, we help entrepreneurs across Canada in two ways:
The DIYer: we set your books up for success and teach them the ins and outs of their small business finances.
The Outsourcer: we provide peace of mind for those who need to focus their entrepreneurial magic on running their company, so they stay CRA compliant and get more $$$ back at tax time.
If you're not yet at the Outsourcing phase of running your business, then this post is for you! As a DIYer, one of the best habits we recommend? A monthly bookkeeping check-in.
Here are the three essential bookkeeping tasks every small business should do each month to stay financially healthy and in control.
Not sure you've got the time to tackle these? Next month we'll have a post about knowing when it's time to outsource your bookkeeping - follow us on social to get updates!
1. 🔍 Reconcile Your Bank and Credit Card Accounts
Bank reconciliation is the process of comparing your business’s accounting records to your actual bank statements — and it’s one of the most important tasks you can do each month.
Why It Matters:
Catches errors or fraud early (like duplicate charges, missing deposits, or unauthorized transactions)
Ensures your books reflect reality, which is crucial for financial reporting (your legal requirement!) and decision-making
Helps you stay on top of cash flow — you’ll know exactly how much you have available at any time
How to Do It:
Use your accounting software (like QuickBooks or Xero) to match each transaction in your ledger to an outside source (AKA your bank statement)
Investigate and resolve any discrepancies right away - many banks only have a dispute period of 60 days or less!
Do the same for any other business accounts (savings, investments, line of credit, credit cards and so on)
Got clearing accounts? If you use Paypal, Shopify, Squarespace, direct deposits, etc., you should have them set up as clearing accounts in your software and reconcile them often - check out our blog post on clearing accounts for the rundown
💡 Tip: If you’re not sure how to reconcile your accounts, ask your bookkeeper or accountant to walk you through the process — or better yet, let us handle it for you!
2. 📁 Categorize and Review Transactions
Each time money comes in or goes out of your business, it needs to be properly categorized. This might seem tedious, but it’s critical for understanding your financial position and preparing for tax season. Plus, QuickBooks Online has launched a new AI bank feed to save time and help you categorize faster
Why It Matters:
Helps track deductible expenses so you don’t miss out on potential savings
Makes tax filing faster and more accurate by calculating the GST/HST automatically
Improves reporting so you can make informed decisions about your business spending and where your money is going
How to Do It:
Send your receipts to software like Dext or Hubdoc - read why this is #1 for managing expenses
Review & match your transactions regularly to ensure they’re assigned to the right expense or income category - with the QuickBooks Online app, it's as easy as a swipe
Set up bank rules in QuickBooks (e.g., anything in the Bank Feed from STAPLES is categorized “Office Supplies”)
Separate business and personal expenses (best practice: they should never be mixed in the same account)
💡 Tip: Use automated bank feeds and transaction rules in your accounting software to speed things up.
3. 🧾 Invoice Clients and Follow Up on Outstanding Payments
Sending invoices late — or not following up on unpaid ones — can quietly kill your cash flow. The later you send an invoice, the less professional your business appears and the less likely you are to receive payment. Getting paid on time starts with having a solid invoicing system in place.
Why It Matters:
Improves your cash flow by keeping money coming in consistently
Reduces the risk of late or missed payments - clients are more likely to pay in a timely manner
Builds professionalism and trust with your clients - your business just looks better!
How to Do It:
Schedule a time each week to issue any outstanding invoices
Review your Accounts Receivable (AR) report to see what’s overdue
Send friendly follow-up reminders to clients who haven’t paid yet (consider 14 and 30-day reminders). QuickBooks Online can automate this process for you.
💡 Tip: Many accounting platforms can automate your invoicing and reminders — a huge time-saver!
BONUS TASK: 🎯 Schedule a Monthly Financial Check-In
Make bookkeeping a habit, not a hassle. Set aside one or two hours each month — ideally the same date or day — to complete these three tasks. You’ll feel more in control, reduce financial stress, and avoid a last-minute scramble when tax time rolls around. Mark it in the calendar and give it a fun name - Business Betterment Day, Transaction Tuesday, Bank Feed Fridays, the possibilities are endless.
It's important to be rigid and self-disciplined - letting it slide quickly becomes a habit and before you know it, you're in the same place as last year. Throw some positive vibes in your bookkeeping day so you're likely to keep it up:
Order in takeout or grab a luxury brew from a coffeeshop
Put on a good playlist (check out this accounting one on Spotify)
Do your bookkeeping on a laptop and out of office at a local cafe
Want to Take Bookkeeping Off Your Plate?
If bookkeeping still feels overwhelming or time-consuming, you're not alone. That’s where we come in.
At Simcoe Office Solutions, we specialize in helping Canadian small businesses stay organized, compliant, and financially confident. Whether you need monthly bookkeeping support, help catching up, or just want a second set of eyes on your numbers — we’re here to help.
📞 Contact us today to book a free consultation or learn more about our flexible monthly plans.
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