Why this matters: Most small business owners only look at their financials when something goes wrong. A consistent month-end process means you always know where you stand — and you're never surprised at tax time, when applying for financing, or when making a hiring decision.
Monthly progress
0 / 20 complete
Bank & Credit Card Reconciliation
1 of 5
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Reconcile all bank accounts to your accounting software Every transaction should match. Unexplained differences are a red flag.Critical
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Reconcile all credit card statements Include personal cards used for business purchases.Critical
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Categorize any uncategorized transactions Leaving these blank skews your P&L and complicates tax prep.Important
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Review and clear any outstanding deposits or payments in transit
Accounts Receivable
2 of 5
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Confirm all invoices for the month have been sent Unbilled work is the most common source of cash flow problems.Critical
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Review your AR aging report — flag anything over 30 days The older a receivable, the harder it is to collect.Important
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Send follow-up reminders on overdue invoices
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Apply any payments received to the correct invoices in your accounting software
Accounts Payable & Expenses
3 of 5
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Confirm all vendor bills have been entered and coded correctly Missing bills = overstated profit. You may be paying more tax than necessary.Critical
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Review and approve any outstanding employee expense reports
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Confirm payroll for the month was processed correctly and recorded Includes source deductions remitted to CRA.Critical
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Check that GST/HST collected and paid is recorded accurately GST remittance errors are one of the most common CRA audit triggers.Important
Financial Review
4 of 5
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Run and review your Profit & Loss statement Compare to last month and the same month last year. Look for anything unexpected.Critical
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Review your Balance Sheet for anything unusual Negative equity, growing liabilities, or unexpected asset changes are warning signs.Important
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Check your cash position — do you have enough runway for the next 60 days? This single habit prevents more business crises than anything else.Critical
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Compare actual results to your budget or forecast (if you have one)
Canadian Compliance
5 of 5
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Confirm CRA payroll remittance deadline for the month (15th or 25th depending on your frequency) Late remittances attract penalties of 3–10% plus interest.Critical
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Check if a GST/HST return is due this period (monthly, quarterly, or annual filer)Important
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File WCB/WSIB remittances if applicable for your province
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Store all receipts and source documents for the month (CRA requires 6 years of records) Digital copies are accepted — use a tool like Dext, Hubdoc, or even a Google Drive folder.
Still spending hours on this every month?
Twenty32 handles your entire month-end process so you can focus on running your business. Book a free 15-minute assessment and we'll show you exactly what we'd take off your plate.