Month End Checklist for Small Business Owners

Your Mesa CPA bookkeeping team handles the technical side of month end close. Your job is to make sure they have what they need and to review the output. This checklist covers what you should be doing each month.

Your Month End Checklist

By the 5th of the Month (Submit to Your Bookkeeper)

• Confirm bank feeds are connected. Log into QBO and verify all bank accounts and credit cards are synced. Canadian banks disconnect periodically — reconnect any that have dropped.
• Submit outstanding receipts. Any business expenses paid in cash or on a personal card need a receipt sent to your bookkeeper. Send them now before they're lost.
• Flag any unusual transactions. If there are transactions on your bank statement you don't recognize, or that require context (e.g., a large transfer, a refund, a purchase that needs splitting), flag these proactively.
• Confirm payroll is complete. If you have employees, confirm all payroll runs for the previous month are processed and correct.

During the Month (Ongoing)

• Review outstanding invoices. Check your AR aging (QBO > Reports > Accounts Receivable Aging Summary). Follow up on anything 30+ days overdue.
• Review outstanding bills. Check your AP aging (QBO > Reports > Accounts Payable Aging Summary). Confirm nothing is past due unexpectedly.

When Your Bookkeeper Sends the Month End Reports

• Review your Profit & Loss. Compare this month to last month and to the same month last year if available. Look for revenue that seems higher or lower than expected, expenses that seem unusually large or small, and any line that doesn't make sense.
• Review your Balance Sheet. Spot-check that the cash balance matches what you see in your bank account, accounts receivable looks right (no unexpected large balances), and there are no unfamiliar liability accounts.
• Confirm GST/HST is on track. If you file quarterly, are you setting aside what you collect? If you file monthly, confirm your return was filed.
• Respond to any bookkeeper questions promptly. The faster you respond, the faster close is complete.

Monthly Tax and Compliance Deadlines

Your Mesa CPA team will flag upcoming deadlines, but keep these in mind so you're not caught short on cash.

FAQ

What if I miss sending receipts one month?

Send them as soon as possible. Missing receipts mean expenses can't be categorized, which delays close and may mean deductions are missed. The earlier you send them, the less disruption.

Do I need to review my books if my bookkeeper handles everything?

Yes — briefly. Your bookkeeper maintains the records but you know your business. A quick monthly review catches miscategorized transactions, unexpected expenses, and anything that looks off. This is also how you stay informed about your financial position.

What's the best way to submit receipts to my bookkeeper?

Ask your Mesa CPA team — they'll have a preferred method (email, shared folder, or a tool like Dext or Hubdoc).

What happens if I don't close the month?

Your books drift from reality. Errors compound over months and become expensive to correct at year-end. GST/HST filings may be inaccurate. And you lose visibility into how your business is actually performing.