Want to feel more in control of your business finances? Start by looking at your month end routine!

JH Bookkeeping Solutions
Sep 29
2 min read

Keeping your bookkeeping up to date doesn’t have to be overwhelming. If you’re managing your own books in Xero, setting aside a bit of time at the end of each month to complete a few key tasks can save you stress, improve cashflow, and make BAS time much smoother. Here’s a practical checklist to follow:

1. Reconcile All Bank Transactions

Don’t leave any uncoded transactions hanging around. Take the time to reconcile your bank accounts in Xero so that everything is accurate and up to date. This helps you spot any errors or unexpected charges quickly.

2. Check Bank and Credit Card Balances

Ensure the balances in Xero match what’s showing on your actual bank and credit card statements. Discrepancies can point to missing transactions, duplicated entries, or timing issues that need addressing.

3. Send Invoices for Completed Work

Stay on top of your billing. Generate and send invoices for any work completed during the month. Regular invoicing keeps your cashflow steady and ensures clients know what’s owed.

4. Follow Up on Outstanding Payments

Review your accounts receivable and send debtor statements where necessary. Following up promptly on overdue invoices can prevent small debts from turning into bigger problems.

5. Review Supplier Statements

Check that all supplier invoices have been received and entered into Xero. It’s easy to miss a bill or two, and catching them now will help you avoid surprises later.

6. Pay What’s Due

Paying suppliers on time helps maintain good relationships and keeps your business reputation strong. Consider scheduling payments strategically so you manage cashflow effectively while staying current.

7. Set Aside GST from Sales

As you record income, set aside the GST portion in a separate account. This makes it easier to manage your BAS obligations and reduces stress when lodgment time comes around.

8. Separate PAYG, Super and Staff Costs

Transfer PAYG, superannuation, and other staff-related costs into a dedicated account. This ensures you have funds earmarked for these obligations, helping you avoid shortfalls and last-minute scrambling.

By completing these steps at the end of each month, you’ll maintain accurate records, have a clearer picture of your cashflow, and make BAS time a lot less stressful.

If keeping up with these tasks feels time-consuming or you want peace of mind that everything is done correctly and on time, I also offer weekly / fortnightly bookkeeping services to manage Xero for you — from reconciliations to payroll, BAS preparation, and everything in between.