Workflow Templates: Monthly Financial Review Checklist

Ensure all bank statements are received and are ready for reconciliation

Compare the cash balance on the bank statements with the cash balance in the ledger

Identify and investigate any discrepancies or unusual transactions

Review aging reports for overdue accounts and follow up on collections

Assess allowance for doubtful accounts for adequacy

Confirm that all invoices and credit notes have been accurately posted

Verify all outstanding invoices have been recorded

Review accounts payable aging for overdue payments and resolve any issues

Ensure all supplier statements are reconciled to the ledger balances

Check for proper recording of new hires, terminations, and pay rate changes

Review and reconcile payroll summaries for accuracy

Confirm payroll tax submissions and payments are up-to-date

Review monthly expenses and compare to budgeted amounts

Investigate significant variances from the budget

Confirm all expenses are properly authorized and recorded

Cross-verify all revenue streams have been correctly reported

Analyze revenue recognition for timing and accuracy

Reconcile deferred revenue accounts and ensure proper accounting treatment

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Monthly Financial Review Checklist