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Do you ever worry about important financial tasks falling through the cracks? Hi, this is Judi Otton with GrowthCast and I used to have that worry but I don’t anymore.
I am a huge list maker and I’ve developed a checklist of everything I do weekly, monthly, quarterly, and annually when I do my weekly financial review. So I do my financial and admin work on Friday afternoons and I grab a copy of my checklist, sometimes on paper sometimes online, and I just go right through it, and at the end of my session, I know that I’ve got everything accomplished.
Now the checklist that I have is customized for me but I have a generic one and I customize it for every one of my clients. I even color code it. There are tasks for your bookkeeper. There are tasks for you, the business owner, there may be tasks for someone else in your organization so that we know that everything is getting done.
A couple of things that I want to point out on this checklist, is first of all I recommend doing invoicing weekly. The sooner you get those invoices out, the sooner you’re gonna get the money in the door. Another important thing that sometimes trips up business owners is if you have a 401K, you’re taking money out of the employee’s paycheck to deposit into the 401K. That needs to get into that account within five days. The third thing I want to point out is that there are a lot of infrequent tasks. Quarterly taxes, If you pay your sales tax, quarterly. Things that are really like the infrequent stuff are the stuff that’s really likely to fall through the cracks and then some annual review stuff that we should be doing every year.
If you want a copy of the checklist that I customize for every one of my clients, click the link here (bit.ly/3Rq7Cuc) and you can have my checklist and customize it for yourself. This is Judi Otton with GrowthCast and I’ll be back next week with a new Fiscal Fitness Tip of the Week.