Free Checklist Templates for Accounting

Accounting
OR

Auditing checklist

Planning
Develop a plan for the audit
Develop a timeline
Identify roles and responsibilities
Identify and obtain relevant records
Evaluation
Identify areas of potential risk
Examine and evaluate financial statements
Review internal control systems
Analyze financial data
Investigate potential irregularities
Reporting
Prepare an audit report
Document findings and recommendations
Present findings to management
Follow up on audit recommendations
View Workflow Use Workflow

Bookkeeping and accounting checklist

Bookkeeping
Categorize all transactions
Reconcile bank accounts
Ensure all accounts are balanced
Update the general ledger
Prepare and file sales and payroll taxes
Accounting
Prepare financial statements
Analyze and interpret financial data
Identify areas of cost savings
Implement internal control procedures
Monitor financial performance
View Workflow Use Workflow

Budgeting and forecasting checklist

Budget Preparation
Estimate revenue and expenses
Identify any one-time or special expenses
Set goals and objectives
Assign responsibilities
Analyze data and trends
Forecasting
Examine economic and industry trends
Analyze historical financial data
Identify key drivers of future performance
Assess changes in customer demand
Estimate future revenue and expenses
Budget Review and Monitoring
Review budget performance against goals and objectives
Monitor performance metrics
Track actual versus budgeted results
Adjust budget as needed
Review and revise budget on a regular basis
View Workflow Use Workflow

Business structuring checklist

Legal Structure
Determine the business type (sole proprietorship, partnership, limited liability company, etc.)
Obtain any necessary permits or licenses
File the appropriate paperwork with the state
Register for applicable taxes
Obtain an Employer Identification Number (EIN)
Financial Structure
Establish a separate business bank account
Set up a bookkeeping system
Establish a budget and track expenses
Monitor cash flow
Human Resources
Determine employee needs
Develop a hiring process
Create job descriptions
Develop employee benefit plans
Technology Infrastructure
Identify hardware and software needs
Establish a backup system for data
Set up a secure network
Develop a system for online payments
View Workflow Use Workflow

Business succession planning checklist

Business Succession Planning Checklist
Create a timeline for the succession process
Identify possible successors
Develop a succession plan
Create a job description for the successor
Train the successor
Monitor the transition
Monitor the performance of the successor
Update the succession plan annually
Evaluate the plan and make any necessary changes
View Workflow Use Workflow

Business valuation checklist

Financial Information
Financial Statements
Tax Returns
Projected Financial Statements
Assets
Real Estate
Equipment
Intangible Assets
Inventory
Industry Analysis
Industry Trends & Outlook
Competitor Analysis
Porter’s Five Forces Model
Market Analysis
Market Size & Share
Geographic Segmentation
Demographic Segmentation
Valuation Analysis
Discounted Cash Flow
Comparable Analysis
Asset-Based Valuation
Cost-Based Valuation
View Workflow Use Workflow

Cash flow analysis checklist

Objective
Understand the sources and uses of cash flow
Analyze the company's current cash flow
Identify potential areas of improvement
Cash Flow Sources
Sales Revenue
Investment Income
Debt Financing
Equity Financing
Borrowings
Cash Flow Uses
Operating Expenses
Capital Expenditures
Interest Payments
Dividends
Loan Repayments
Analysis
Compare cash flows from different periods
Analyze trends in cash flows
Identify potential areas of improvement
Identify potential sources of additional cash
Evaluate the company's ability to meet its current obligations
View Workflow Use Workflow

Client onboarding checklist

Planning
Establish goals and timeline
Identify any special needs or requests from the client
Collect contact information
Schedule initial meeting
Data Collection
Gather client financial documents
Obtain tax returns
Gather prior year's financial statements
Gather any other relevant information
Analysis
Review documents
Identify areas of concern
Analyze and discuss findings with the client
Develop a plan of action
Reporting
Prepare financial statements
Prepare tax returns
Prepare other necessary reports
Provide the client with a complete set of documents
Follow-up
Monitor client progress
Provide additional support and guidance
Schedule regular review meetings
Answer any client questions or concerns
View Workflow Use Workflow

Consulting and advisory services checklist

Initial Consultation
Engage and understand clients' needs
Identify potential business solutions
Establish project goals and duties
Define the scope of the project
Develop a timeline for completion
Planning and Execution
Create a detailed business plan
Identify the resources needed
Develop and implement strategies
Analyze the data and results
Identify potential risks
Develop a budget
Management and Oversight
Monitor progress and performance
Manage staff and other resources
Evaluate performance and results
Conduct periodic performance reviews
Provide feedback and guidance
Ensure compliance with laws and regulations
Reporting and Documentation
Prepare reports to document progress
Present findings to clients
Develop recommendations
Provide updates to clients
Generate client reports
Create project documentation
View Workflow Use Workflow

Financial statement preparation checklist

Accounts Receivable
Verify invoices and documents
Check customer accounts
Reconcile accounts
Identify and record bad debt
Accounts Payable
Verify invoices and documents
Check vendor accounts
Reconcile accounts
Identify and record bad debt
Fixed Assets
Check assets for accuracy
Record assets on the balance sheet
Reconcile assets
Determine depreciation
Income Statement
Identify and record revenue
Identify and record expenses
Calculate net income
Balance Sheet
Identify and record assets
Identify and record liabilities
Identify and record equity
Calculate net worth
Cash Flow Statement
Identify and record cash inflows
Identify and record cash outflows
Calculate net cash flow
View Workflow Use Workflow

Internal control checklist

Financial Reporting
Ensure accuracy of financial statements
Regularly review accounts payable and receivable
Review bank reconciliations
Maintain effective internal control environment
Accounting Records
Ensure accurate and timely recording of transactions
Ensure proper segregation of duties
Ensure proper authorization of transactions
Ensure proper coding and classification of transactions
Cash Management
Ensure proper authorization of cash disbursements
Ensure adequate safeguarding of cash
Monitor cash transactions
Accounts Receivable
Ensure accurate and timely recording of receivables
Ensure proper authorization of credit sales
Monitor aged receivables
Accounts Payable
Ensure accurate and timely recording of payables
Ensure proper authorization of purchases
Monitor aged payables
Inventory Management
Ensure accuracy of inventory records
Ensure proper authorization of inventory purchases
Monitor inventory levels
Fixed Assets
Ensure accuracy of asset records
Ensure proper authorization of asset purchases
Monitor asset utilization
Purchasing
Ensure proper authorization of purchasing activities
Monitor purchasing costs
Information Technology
Ensure security of IT systems
Ensure adequate backup of data
Monitor user access privileges
View Workflow Use Workflow

Payroll services checklist

Payroll Setup
Gather relevant employee information
Ensure compliance with federal, state, and local laws
Set up payroll tax accounts
Set up employee payroll deductions
Payroll Processing
Input employee hours
Compile payroll data
Calculate payroll taxes
Generate payroll reports
Distribute paychecks and/or direct deposits
Payroll Tax Remittance and Reporting
Calculate and remit payroll taxes
File payroll tax forms
Ensure compliance with government reporting requirements
Year-end Reporting
Generate year-end tax forms
Distribute W-2 forms
Audit and Compliance
Monitor payroll processes for accuracy
Perform periodic payroll audits
Ensure compliance with relevant regulations and laws
View Workflow Use Workflow

Risk management checklist

Risk Identification
Identify potential risks that could affect the organization
List potential external and internal risks
Assess the likelihood of the risk occurring
Identify potential consequences of the risk
Risk Analysis
Conduct a cost-benefit analysis of the risk
Identify the most significant risks
Evaluate the effectiveness of existing controls
Risk Control
Develop a plan to address the risks
Implement the risk control plan
Monitor the risk control plan
Risk Communication
Ensure all stakeholders are aware of the risks
Develop a risk communication plan
Provide training and guidance on risk management
Risk Review
Regularly review the risk management plan
Identify any areas that require improvement
Update the risk management plan to reflect changes
View Workflow Use Workflow

Tax compliance checklist

Legal Requirements
Register with state and federal taxing authorities
Obtain employer identification numbers (EIN)
Stay up to date with tax laws and regulations
Ensure compliance with filing requirements
Tax Accounting
Revaluate accounting methods
Track taxable income and expenses
Monitor tax credits and deductions
Maintain accurate financial records
Tax Filing
Prepare and file taxes on time
Review tax returns for accuracy
File extensions as needed
Respond to IRS notices
Tax Payments
Make estimated payments as needed
Calculate returns
Make timely payments
Reconcile accounts
Tax Audits
Document financial records
Maintain audit logs
Respond to audit requests
Prepare for meetings with auditors
View Workflow Use Workflow

Tax planning checklist

Tax Planning
Assess overall financial situation
Gather relevant documents
Review current tax structure
Review relevant tax laws
Analyze deductions, credits and other tax planning opportunities
Estimate taxes owed
Determine filing status
Determine tax payment options
Establish an estimated tax payment plan
Utilize tax-deferred accounts
Review and update withholding
Make any necessary adjustments to payroll
Consider tax implications of retirement planning
Consider tax implications of investments
Review charitable giving
Consult a tax advisor or accountant as needed
View Workflow Use Workflow

The importance of checklists in Accounting

Increased Efficiency

Checklists are a valuable tool for any accounting professional, as they can greatly improve efficiency and accuracy. By using checklists, accounting professionals can ensure that all aspects of an accounting process are completed in an orderly and consistent manner, without any steps being skipped or overlooked. This can help to reduce the amount of time spent on a particular task, as well as to minimize errors due to incorrect information or calculation. Additionally, checklists can help to ensure that all required documentation is completed in a timely and efficient manner.

Reduction in Errors

The use of checklists can help to reduce errors in the accounting process. By ensuring that all required steps are completed in an orderly and consistent manner, potential errors can be reduced. Additionally, checklists can help to ensure that all required documentation is accurately completed, and that no steps are overlooked or skipped. This can help to minimize errors due to incorrect information or calculation, as well as to reduce the amount of time spent on a particular task.

Enhanced Organization

Checklists are a great way to enhance organization in the accounting process. By using checklists, accounting professionals can ensure that all necessary steps are completed in an orderly and consistent manner, without any steps being skipped or overlooked. Additionally, checklists can help to ensure that all required documentation is completed in a timely and efficient manner. This can help to ensure that all necessary information is properly organized and easily accessible.

Improved Communication

The use of checklists can help to improve communication between accounting professionals and other stakeholders. By ensuring that all required steps are completed in an orderly and consistent manner, potential misunderstandings can be avoided. Additionally, checklists can help to ensure that all required documentation is accurately completed, and that no steps are overlooked or skipped. This can help to ensure that all required information is properly communicated between all parties involved.

Increased Confidence

The use of checklists can help to increase confidence in the accounting process. By ensuring that all required steps are completed in an orderly and consistent manner, potential mistakes can be avoided. Additionally, checklists can help to ensure that all required documentation is accurately completed, and that no steps are overlooked or skipped. This can help to increase the accuracy and reliability of the accounting process, and can provide accounting professionals with the confidence needed to complete their tasks accurately and efficiently.

For example, a checklist used by an accounting professional might include items such as: review financial statements; verify accuracy of accounting transactions; confirm accuracy of journal entries; and reconcile bank accounts. By using a checklist to complete these tasks, the accounting professional can ensure that all necessary steps are completed in an orderly and consistent manner, without any steps being skipped or overlooked. This can help to improve the accuracy and reliability of the accounting process, and can provide accounting professionals with the confidence needed to complete their tasks accurately and efficiently.

Ready to take control of your recurring tasks?

Start Free 14-Day Trial


Use Slack? Sign up with one click

With Slack