Procedures that are required to be carried out more often than as indications arise or at least once in a year are those that you essentially perform at least once a month. We’re going to disregard those procedures you carry out each day since they’re more process based routines.
The things you’d do each monthly, mostly at the beginning of the next month when closing the previous one are as follows:
- Calculate salaries (if they’re to be paid out at the beginning of the new month);
- Calculate and declare respective tax liabilities from salaries, but also from sales in case you’re liable for sales tax or VAT;
- Calculate and declare any other tax liabilities or reclaims;
- Ensure you’ve accounted for each and every supplier invoice within the appropriate period that you know of as you already have them or that you know of are yet to come;
- Consider confirming some customer balances based on their volumes and risk (i.e. significant amount of invoices within the period, some late payments etc.);
- Consider performing stock count for certain goods that either move in and out the most or that are more prone for theft;
- If that’s something you don’t do each day, reconcile your bank statements to the balances within your balance sheet;
- Address any other riskier areas you’ve identified for your business, for your company, i.e. confirming new sales have signed agreements, there are no overdue receivables, there are no open purchase orders or against every purchase order there’s an invoice, review limits given to customers etc.
And what’s most important, besides actually performing those routines, is remembering and preparing time and resources ahead to be able to perform them as you intended so that they would serve their purpose.