February 2025 Reminders

Bookkeeping Recommendations

• Reconcile Bank Accounts: Ensure all bank statements from January 2025 are reconciled with your accounting records. This helps identify discrepancies and ensures accurate financial data.
• Review Accounts Payable and Receivable: Check for overdue invoices (accounts receivable) and upcoming payment deadlines (accounts payable) to maintain healthy cash flow.
• Record All Transactions: Accurately document all sales, expenses, and payments in your bookkeeping system. Proper categorization is crucial for tax reporting and financial analysis.
• Update Financial Statements: Prepare updated income statements, balance sheets, and cash flow statements to assess your business’s financial health and performance.

Financial Planning

• Review Budget vs. Actuals: Compare actual expenses and revenues against your budget to identify variances and adjust plans accordingly.
• Set Aside Funds for Taxes: Ensure you have allocated sufficient funds for estimated tax payments or upcoming liabilities.