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Your Month-End Financial Checklist: What Every Business Should Review Before June

  • Writer: Tiffany Renee
    Tiffany Renee
  • 2 days ago
  • 3 min read

As May winds down and June approaches, now is the perfect time to hit pause and take a closer look at your business finances. A consistent month-end financial review not only keeps your books in order—it also gives you the insight needed to make informed decisions and stay on track with your goals.



Whether you're managing your finances solo or working with a bookkeeping partner like InK Bookkeeping, having a monthly financial checklist is key to maintaining financial health and preparing your business for long-term success.


Here’s your tactical, step-by-step checklist to close out the month of May with clarity and confidence.


1. Reconcile Your Bank and Credit Card Accounts

Start by making sure that all bank and credit card transactions have been entered and reconciled in your bookkeeping system. This ensures your books reflect the actual activity in your accounts.


Why It Matters: Reconciliation helps you spot missing transactions, duplicate charges, or errors that could throw off your reports and cash flow.


2. Review and Categorize Transactions

Check that all income and expenses have been properly categorized. Be sure to flag any transactions that look unusual or that may require further documentation.


Pro Tip: Misclassified transactions can lead to inaccurate reports and missed deductions. Stay on top of them every month.


3. Send Outstanding Invoices and Follow Up on Payments

Cash flow is everything. Make sure all invoices for May have been sent, and review your accounts receivable to follow up on any late payments.


Quick Wins:

  • Resend unpaid invoices with a friendly reminder

  • Consider offering incentives for early payments


4. Pay Any Outstanding Bills

Check your accounts payable and ensure you're up to date on your bills. Late payments can impact your credit, damage vendor relationships, and throw off your financial forecasting.


Tip: Schedule recurring bills in your system to avoid missing important due dates.


5. Review Your Profit & Loss Statement

Compare your actual income and expenses against your monthly budget or forecast. Did you overspend in any areas? Are you hitting your revenue goals?


What to Look For:

  • Changes in sales trends

  • Unusual spikes in spending

  • Opportunities to cut costs or reinvest in growth


6. Assess Your Cash Flow

Take a look at your cash flow statement to see where your money is coming from and where it’s going. Strong cash flow keeps your business running smoothly—even during slow months.


Goal: Maintain enough working capital to cover at least 1–2 months of operating expenses.


7. Update Payroll and Contractor Records

If you have employees or contractors, make sure all payroll and contractor payments are accounted for and properly recorded.

Why It’s Critical: These records affect your tax filings and should be up to date to avoid IRS penalties or W-9 issues later in the year.


8. Back Up Your Financial Data

Whether you use QuickBooks, Xero, or another system, always back up your records at the end of each month. Use a secure cloud storage solution or external drive to protect your data.


9. Set Financial Goals for June

Now that you have a clear picture of May’s performance, set 1–3 realistic financial goals for June. Whether it’s improving revenue, reducing costs, or launching a new service—get focused and intentional.


Examples:

  • Increase revenue by 10%

  • Reduce marketing spend by 15%

  • Hire a part-time assistant to free up admin time


10. Schedule a Strategy Session (Optional but Powerful)

Consider reviewing your month-end data with your bookkeeper or financial advisor. At InK Bookkeeping, we offer monthly check-ins to help clients stay informed, make smart decisions, and plan for what’s next.


Want to simplify your month-end process? We’ve got you.


Ready to Stay Ahead of the Numbers?

Following a monthly financial checklist helps you stay in control, reduce stress, and grow your business with confidence. If May was a little messy or you’re ready for more structure, InK Bookkeeping is here to help.

 

 

 
 
 
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