Professional Perth Bookkeepers use structured checklists every month to ensure nothing falls through the cracks, compliance obligations are met, and reports are accurate.
At Stewart Private Accounting, we believe month-end isn’t just about “wrapping up” the books—it’s an opportunity to get insights that drive smarter decisions. Below, we’re sharing a practical, easy-to-follow checklist that you can apply to your own business.
Why Month-End Matters
A thorough month-end process does more than just keep the tax man happy. It ensures your financials are:
Accurate and complete
Compliant with GST and payroll obligations
Ready for BAS lodgement or board meetings
Useful for decision-making and forecasting
Less stressful when EOFY or an audit comes around
When done right, it’s the foundation of strong financial management.
The Month-End Checklist Perth Bookkeepers Use
Here's a professional, step-by-step breakdown you can apply to your own business—or hand over to your bookkeeper.
1. Reconcile All Bank Accounts
Ensure all bank, credit card, and merchant accounts are fully reconciled. Every transaction should be matched, categorised, and explained.
This includes spotting duplicate entries, uncleared transactions, and checking for missing documentation.
2. Match Invoices and Payments
All customer invoices should be reviewed and matched to incoming payments. Any outstanding invoices should be followed up promptly to keep cash flow healthy.
Professional Perth Bookkeepers use this time to flag potential bad debts or aged receivables that may need escalation.
3. Review and Pay Supplier Bills
Accounts payable should be reviewed and scheduled for payment based on due dates and available cash flow. We also ensure supplier credits and discounts are accounted for.
Keeping this clean avoids supplier disputes and missed obligations.
4. Process Payroll and Superannuation
Ensure wages are correctly processed and STP reports submitted to the ATO. Super accruals are checked, and upcoming contributions are scheduled for payment to remain compliant.
We also verify that employee entitlements such as leave balances are accurately tracked.
5. Post Recurring Journals and Adjustments
If your business has regular adjustments—such as depreciation, prepayments, or accruals—these should be recorded as part of the month-end workflow.
Bookkeepers at Stewart Private Accounting ensure journals are reviewed, documented, and posted correctly.
6. Review the Profit and Loss Statement
Once reconciliations and adjustments are complete, we run the P&L report and check for:
Unusual fluctuations in income or expenses
Misallocated transactions
Missing data (e.g., income with no invoice)
This is where accurate bookkeeping really shines—turning data into insights.
7. Check the Balance Sheet
A quick review of the balance sheet helps spot long-standing unreconciled items or balances that don’t look right (e.g., a negative GST liability, duplicate asset entries, etc.).
Correcting these monthly avoids costly cleanups at year-end.
8. Prepare and Send Financial Reports
Once all checks are complete, it’s time to generate key reports:
Profit & Loss Statement
Balance Sheet
Aged Receivables & Payables
Cash Flow Summary
GST Report (if BAS is due)
These reports are then shared with business owners for review and decision-making.
Pro Tips from Stewart Private Accounting
Automate where possible: Use software like Xero to auto-import bank transactions and set up repeating journals.
Stay consistent: A reliable monthly process avoids surprises.
Back it up: Store reports and supporting documents securely each month.
Review quarterly: Use month-end data to build quarterly forecasts or budget reviews.
If your month-end process feels rushed or incomplete, it may be time to bring in professional help. Our experienced Perth Bookkeepers can handle it for you—accurately and on time, every time.
Final Thoughts
A proper month-end routine isn’t just about compliance—it’s about control. When your accounts are clean and your reports are timely, you can make better decisions, avoid cash flow stress, and stay ATO-ready.
At Stewart Private Accounting, we specialise in setting up and managing efficient month-end systems tailored to your business. Whether you need a helping hand or a full-service solution, we’re here to make your finances run smoothly—month after month.
