DIY bookkeeping for small business: a realistic monthly routine

Doing your own books is realistic if the routine is small and the software does the categorizing. Here is a routine that takes under an hour a month.

Once, at setup

1. Open a separate business checking account and card.
2. Create your ProfitBooks business and upload the last few months of statements.
3. Confirm your business name and industry; set the confidence threshold.

Monthly, when statements arrive

1. Download the PDF statement for each account (5 minutes).
2. Drop them in (1 minute).
3. Work through the Needs Review list (10 to 20 minutes).
4. Upload any receipts for meals, travel, equipment (5 minutes).
5. Glance at the profit and loss. Does net profit look right? Any category that jumped? (5 minutes).
6. Check the coverage map is green for the month (1 minute).

Quarterly

Run the profit and loss year to date and pay estimated taxes from it. Use the calculator.

Yearly

Export the reports for your preparer, or invite them in. See the year-end checklist.