If you’re running a business in Plantation, FL, accurate and timely bookkeeping isn’t a luxury—it’s a requirement. At Polaris Tax & Accounting, we believe monthly bookkeeping is the foundation for tax compliance, better decisions, and long-term business health.
Below is a checklist that outlines what smart business owners should review every single month. Done right, your books become your secret weapon.
Why Monthly Bookkeeping Matters
Too many business owners wait until year-end (or worse, tax season) to look at their financials. That leads to missed deductions, poor cash flow visibility, and costly surprises.
Monthly bookkeeping ensures:
- Clean records that make tax filing easy
- Real-time insights to guide pricing, staffing, and growth decisions
- Fewer audit risks
- Credibility with banks, partners, and investors
And if you’re in Plantation, Florida, staying on top of sales tax deadlines and hurricane-related disaster relief options requires timely, local financial data.
Your Monthly Bookkeeping Checklist
Here’s what your business should track, review, and reconcile every month:
1. Bank & Credit Card Reconciliations
Match every transaction in your accounting software with your actual bank activity. Missing or duplicated entries can throw off your P&L and tax return.
2. Sales & Revenue Review
Review income sources and identify patterns. Is revenue up or down? Are certain services outperforming? These trends inform marketing and staffing.
3. Expense Categorization & Review
Ensure every expense is properly coded and recurring costs make sense. Look out for expense creep—small increases in software, subscriptions, or vendor rates.
4. Accounts Receivable Aging
Who owes you money? How long have invoices gone unpaid? Reviewing this monthly improves collections and cash flow.
5. Accounts Payable Tracking
What bills are coming due? Are any vendors offering early pay discounts? This protects your cash position and vendor relationships.
6. Sales Tax Collection (FL-Specific)
Plantation business owners selling taxable goods/services must file Florida sales tax reports. Review your tax liability monthly so you’re not scrambling at the end of the quarter.
7. Payroll Journal Entries & Reconciliations
If you run payroll, post the payroll journal and verify wages, taxes, and benefits are correctly booked. Florida doesn’t have state income tax, but federal and reemployment tax reporting still applies.
8. Cash Flow Tracking
Use your monthly P&L and balance sheet to track cash inflows and outflows. Knowing your cash runway can prevent overdrafts and panic.
9. Owner Draw & Equity Tracking
Many Plantation S-Corp owners don’t properly separate payroll vs. distributions. We help you monitor this monthly to stay IRS-compliant.
10. KPI Monitoring
Metrics like gross margin, revenue per employee, and client churn rate can all be calculated from your books—if they’re kept clean.
Bonus Tip: Review Financial Statements With Your Advisor
At Polaris, we don’t just send clients a report—we walk through the numbers and help you understand them. That includes:
- Your current tax position
- Profitability trends
- Opportunities for deductions or write-offs
Why Plantation Businesses Choose Polaris
✅ Cloud-based Xero accounting system for real-time insights
✅ Flat-rate monthly pricing starting at $295
✅ Local expertise for Florida tax deadlines, sales tax rules, and audit prep
✅ We handle it monthly—no more year-end messes
Pro tip: If your bank balance or liability accounts are showing negatives, your prior bookkeeper might’ve redefined the laws of accounting. Yes, we’ve seen it. No, it wasn’t a theoretical case study.
Ready to Clean Up Your Books and Stay on Track?
Schedule a Consultation with Polaris Tax & Accounting today. Let us show you what monthly bookkeeping should really look like—for real businesses in Plantation.
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