Small Business Bookkeeping Checklist for Australian Businesses
Publish Date
13 Nov 2025
Bookkeeping doesn't have to be overwhelming. The secret? Breaking it down into manageable, regular tasks instead of facing a massive pile of paperwork once a quarter.
I'm Linda from In Addition Bookkeeping, and after years of helping Australian small businesses stay organised, I've developed a foolproof bookkeeping checklist that keeps you compliant, informed, and stress-free all year round.
Let me share the exact system I use with my clients and the one I follow in my own practice.
Why You Need a Bookkeeping Checklist
Before we dive into the tasks, let's talk about why a checklist matters.
Consistency beats perfection. Doing a little bookkeeping regularly is far better than marathon sessions every few months. Regular habits mean:
Nothing gets forgotten or lost
Errors are caught while you still remember the transaction
Cash flow is visible in real-time
Tax time becomes simple instead of stressful
You can make informed business decisions based on current data
Compliance becomes automatic. When bookkeeping tasks are routine, you're never scrambling to meet ATO deadlines or searching for missing receipts.
Your business runs better. You'll know exactly where you stand financially at any moment. No more surprises.
Think of this checklist as your bookkeeping GPS. It tells you exactly where you need to go and when.
Daily Bookkeeping Tasks (5-10 Minutes)
Yes, daily. But don't panic! These tasks take less time than your morning coffee break.
Record Sales and Income
What to do: Enter all sales, invoices issued, and money received into your accounting system.
Why it matters: You need to know who owes you money and track your cash flow daily, especially in cash-based businesses.
Linda's Reminder: If you use Xero, MYOB, or QuickBooks with bank feeds enabled, most of this happens automatically. You just need to review and approve the transactions. Takes 2 minutes.
Capture Receipts Immediately
What to do: Photograph or scan every business receipt the day you get it.
Why it matters: Receipts fade. They get lost. They end up in the washing machine. Digital copies last forever and are ATO-compliant.
Tools I recommend:
Xero's receipt capture feature
Dext (formerly Receipt Bank)
Even just your phone camera saved to a dedicated folder
Linda's Tip: I tell clients to photograph receipts in the car park before they drive away. Make it a non-negotiable habit like putting on your seatbelt.
Check Your Bank Balance
What to do: Quick glance at your business bank balance and any pending payments.
Why it matters: You can't manage what you don't monitor. Knowing your cash position daily helps you make smart decisions about spending and timing.
This isn't deep analysis, just awareness. Takes 30 seconds.
Weekly Bookkeeping Tasks (30-60 Minutes)
Pick a consistent day each week. Friday afternoon works well for most businesses because you can review the week and plan ahead.
Send Invoices Promptly
What to do: Invoice all completed work from the past week.
Why it matters: Delayed invoicing means delayed payment. Your cash flow suffers when you're slow to bill.
Linda's Reminder: The faster you invoice, the faster you get paid. Aim to invoice within 24-48 hours of completing work or delivering products.
Follow Up on Overdue Accounts
What to do: Check your aged receivables report and contact customers with overdue invoices.
Why it matters: The longer an invoice stays unpaid, the less likely you'll collect it. After 90 days, collection rates drop dramatically.
Process to follow:
7 days overdue: Friendly reminder email
14 days overdue: Phone call
30 days overdue: Formal notice
60+ days: Consider collection action
Pay Bills Due This Week
What to do: Review bills needing payment in the next 7 days and schedule payments.
Why it matters: Avoiding late fees and maintaining good supplier relationships. Plus, you claim the expense deduction when you pay, not when you receive the bill.
Linda's Tip: I schedule all bill payments on the same day each week. It becomes routine, nothing gets forgotten, and I can see the cash flow impact clearly.
Reconcile Credit Cards
What to do: Match your credit card transactions to receipts and categorise everything.
Why it matters: Credit cards are easy to forget about until the statement arrives. Weekly reconciliation keeps you on top of spending and prevents end-of-month surprises.
Review Bank Feeds
What to do: If you use bank feeds, review and approve all transactions that have come through.
Why it matters: Bank feeds are amazing but they're not set-and-forget. You need to verify everything is coded correctly.
Common errors to watch for:
Personal expenses in business accounts
Uncategorised transactions
Duplicate entries
Transfers between accounts coded as income/expenses
Update Your Cash Flow Forecast
What to do: Look at upcoming income and expenses for the next 2-4 weeks.
Why it matters: Cash flow problems kill businesses. Knowing what's coming lets you plan proactively.
Ask yourself:
Do I have enough to cover next week's payroll?
Are any large bills due soon?
When are big customer payments expected?
Monthly Bookkeeping Tasks (2-3 Hours)
Set aside a few hours at the end of each month. This is your financial health check.
Full Bank Reconciliation
What to do: Complete bank reconciliations for all business accounts.
Why it matters: This is THE most important monthly task. Reconciliation catches errors, fraud, and missing transactions before they become major problems.
How to do it:
Compare your accounting system balance to your bank statement balance
Investigate any differences
Mark the reconciliation complete once everything matches
Linda's Reminder: Your bank reconciliation should be done within the first week of the new month. Don't let it slide past the 10th!
Review Profit & Loss Statement
What to do: Run your P&L for the month and compare it to:
Previous month
Same month last year
Your budget (if you have one)
Why it matters: This tells you if you're profitable and where your money is going.
Questions to ask:
Are revenues on track?
Are any expense categories unusually high or low?
What's your profit margin?
Are there any surprises?
Check Your Balance Sheet
What to do: Review your assets, liabilities, and equity.
Why it matters: The balance sheet shows your business's financial position. It should balance (hence the name!).
Red flags to watch for:
Negative bank balances (unless you have overdraft facilities)
Accounts receivable growing out of control
Accounts payable piling up
Loans not being tracked properly
Review Accounts Receivable and Payable
What to do:
Who owes you money and for how long?
Who do you owe money to and when is it due?
Why it matters: Managing receivables and payables well improves cash flow and business relationships.
Action items:
Chase any invoices over 30 days
Plan for upcoming large payments
Negotiate payment terms if needed
Reconcile Payroll
What to do: If you have employees, ensure all payroll transactions are recorded correctly and superannuation is calculated properly.
Why it matters: Payroll errors lead to unhappy staff and ATO penalties. Get this right every time.
Linda's Tip: If payroll processing feels overwhelming, this is one area where professional help pays for itself. The cost of getting it wrong is high.
Review and Categorise Expenses
What to do: Go through all expenses for the month and ensure they're categorised correctly.
Why it matters: Proper categorisation means accurate tax deductions and meaningful financial reports.
Common miscategorisation mistakes:
Capital expenses coded as regular expenses
Personal expenses in business accounts
GST applied incorrectly
Expenses in wrong financial year
Back Up Your Data
What to do: Ensure your accounting data is backed up securely.
Why it matters: Data loss is devastating. Cloud accounting systems usually back up automatically, but verify it.
Also back up:
Receipt images
Important documents
Bank statements
Tax records
Quarterly Bookkeeping Tasks (Full Day)
Quarter end is serious business, especially with BAS due.
Complete BAS Preparation
What to do: Prepare and lodge your Business Activity Statement.
Why it matters: BAS is legally required. Late lodgement means penalties and interest.
BAS prep checklist:
All bank accounts fully reconciled through quarter end
All sales and purchases recorded
GST codes verified
Payroll taxes calculated correctly
BAS lodged on time or through a registered agent
Linda's Reminder: Start BAS prep two weeks before the deadline, not the day before! This gives you time to find missing information and fix errors.
I've written a detailed Quarterly BAS Checklist that goes deeper into this process.
Review Quarterly Performance
What to do: Run quarterly financial reports and analyze trends.
Compare:
This quarter vs. last quarter
This quarter vs. same quarter last year
Actual vs. budget
Why it matters: Quarterly reviews help you spot trends, celebrate wins, and fix problems before they grow.
Update Your Business Plan and Budget
What to do: Are you tracking toward your annual goals? Do projections need adjusting?
Why it matters: Your business plan should be a living document, not something you write once and forget.
Schedule Superannuation Payments
What to do: Verify superannuation for the quarter is calculated correctly and paid by the deadline.
Why it matters: Late or incorrect super payments result in penalties and upset employees.
Deadlines:
28 October (Jul-Sep quarter)
28 January (Oct-Dec quarter)
28 April (Jan-Mar quarter)
28 July (Apr-Jun quarter)
Review and Clean Up Chart of Accounts
What to do: Look for duplicate accounts, unused categories, or opportunities to simplify.
Why it matters: A clean chart of accounts makes bookkeeping faster and reports clearer.
End of Financial Year Tasks (1-2 Weeks)
EOFY is the most critical time in your bookkeeping calendar.
Final Reconciliations
What to do: Every single account must be reconciled through 30 June.
Includes:
All bank accounts
All credit cards
Loans
Payroll accounts
Any other balance sheet accounts
Why it matters: Your accountant cannot prepare accurate tax returns without fully reconciled accounts.
Stocktake (If Applicable)
What to do: Physical count of inventory and reconcile to your system.
Why it matters: Inventory affects your taxable profit. The ATO may require evidence of your stocktake.
Review Debtors and Creditors
What to do:
Write off genuinely bad debts (with proper documentation)
Ensure all creditors are recorded, even if not yet paid
Why it matters: Affects your profit and tax calculation.
Prepayments and Accruals
What to do: Account for income/expenses that belong to different financial years.
Examples:
Insurance paid in June for the next 12 months
Income received in June for work to be done in July
Expenses incurred in June but not invoiced until July
Why it matters: Accurate profit reporting across financial years.
Depreciation Schedule
What to do: Update depreciation on all assets.
Why it matters: Claiming depreciation reduces your tax. Your accountant usually handles this but needs accurate asset records from you.
Prepare Information for Your Accountant
What to do: Gather everything your accountant needs:
Reconciled financial statements
Asset and depreciation schedules
Loan statements
Details of any major transactions
Questions or concerns
Linda's Tip: The better prepared you are, the lower your accounting fees. Plus you get your tax return done faster.
Payroll Annual Reports
What to do: Finalise and verify all payroll for the year, including:
Payment summaries
PAYG withholding annual report
Superannuation reconciliation
STP finalisation
Why it matters: Employees need their payment summaries for tax returns. The ATO is watching PAYG and super compliance closely.
Tools and Templates to Use
The right tools make this checklist effortless instead of overwhelming.
Accounting Software
Essential: Choose Xero, MYOB, or QuickBooks. These are the industry standards in Australia.
Why cloud-based matters:
Automatic backups
Access anywhere
Bank feeds integration
Real-time data
Easy accountant access
I help clients with Xero bookkeeping, MYOB bookkeeping, and QuickBooks bookkeeping setup and optimization.
Receipt Capture Apps
Options:
Dext (formerly Receipt Bank)
Hubdoc
Built-in features in Xero/MYOB/QuickBooks
Linda's favourite: Xero's built-in receipt capture because it's included and works beautifully.
Bank Feed Integration
Set it up: Connect your bank accounts directly to your accounting software.
Benefits:
Transactions import automatically
Reduces manual entry errors
Saves hours of data entry
Creates clear audit trail
Checklists and Templates
What I use with clients:
Monthly reconciliation checklist
BAS preparation checklist
EOFY document list
Expense categorisation guide
Filing system structure
Linda's Template: I provide all my clients with a customised checklist based on their business type and complexity. It takes the guesswork out of what to do when.
Calendar Reminders
Set recurring reminders for:
Weekly invoice review (every Friday)
Monthly bank reconciliation (by 10th of following month)
Quarterly BAS prep (two weeks before deadline)
EOFY prep (start early June)
Superannuation payment deadlines
Pro tip: Put bookkeeping tasks in your calendar like any other business appointment. Treat them as non-negotiable.
How to Stay Consistent
This is where most business owners struggle. The checklist is great, but how do you actually stick to it?
Block Time in Your Calendar
What works: Dedicated, recurring time blocks for bookkeeping tasks.
Schedule suggestions:
Daily: 5 minutes first thing in the morning
Weekly: Friday 2-3pm for 1 hour
Monthly: Last Friday of the month for 3 hours
Quarterly: Full day within first two weeks of quarter end
Protect this time. Don't let other tasks encroach.
Create a Bookkeeping Station
Set up a dedicated space with everything you need:
Computer with accounting software open
Receipt scanner or phone
Filing system
Calculator
Notepad for questions
Make it easy to start. The less friction, the more likely you'll do it.
Use the "Don't Break the Chain" Method
How it works: Mark each day you complete your bookkeeping tasks on a calendar. Your goal is to not break the chain of marks.
Why it works: Visual progress is motivating. Seeing a streak makes you want to continue it.
Batch Similar Tasks
Instead of: Randomly doing bookkeeping tasks as you think of them
Try this: Group similar tasks together
All invoicing at once
All receipt processing at once
All reconciliations at once
Why: Context switching wastes time and mental energy. Batching is more efficient.
Get Accountability
Options:
Bookkeeping buddy (another business owner doing the same tasks)
Regular check-ins with your accountant
Professional bookkeeping support
Why it helps: Knowing someone will ask about your bookkeeping makes you more likely to do it.
Automate What You Can
Automate:
Bank feeds
Recurring invoices
Receipt capture
Payment reminders
Bill payments
Payroll processing
Result: Less manual work means less resistance to doing bookkeeping.
Start Small and Build
Don't try to implement this entire checklist overnight. That's overwhelming and unsustainable.
Better approach:
Week 1: Daily receipt capture only
Week 2: Add weekly invoice review
Week 3: Add monthly reconciliation
Build gradually until the full routine is habit
Linda's philosophy: A simple system you actually follow beats a complex system you abandon after two weeks.
Know When to Get Help
You don't have to do this alone. Many successful business owners use professional general bookkeeping services to handle some or all of these tasks.
Signs you need help:
You're consistently behind on bookkeeping
You dread it so much you avoid it
You're not confident tasks are done correctly
Your time is better spent elsewhere in the business
BAS or tax deadlines stress you out
Options:
Full-service bookkeeping (I handle everything)
Bookkeeping coaching (I teach you the system)
Partial support (You handle daily/weekly, I do monthly/quarterly)
Catch-up services (Get current, then maintain yourself or with support)
The Bottom Line
Good bookkeeping isn't about being perfect. It's about being consistent.
This checklist gives you the roadmap. Follow it regularly, and you'll:
Never stress about tax time or BAS deadlines
Always know your financial position
Make better business decisions
Sleep better at night
Have more time for what you do best
The businesses I work with who follow these routines consistently are calmer, more profitable, and more successful than those who treat bookkeeping as an afterthought.
You can do this. Break it into small, manageable tasks, and tackle them regularly.
Need Help Getting Started?
If this checklist feels overwhelming, or you're not sure where to start, let's talk.
I can help you:
Set up systems that work for YOUR business
Get caught up if you're behind
Train you on best practices
Take bookkeeping off your plate entirely
Book a free consultation and we'll create a customised plan that fits your business and your schedule.
No judgment, no pressure. Just practical solutions to make bookkeeping easier.
Linda is the founder and principal bookkeeper at In Addition Bookkeeping, a registered BAS agent helping Australian small businesses stay organised and compliant. She specialises in creating simple, sustainable bookkeeping systems that business owners actually follow.
