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Monthly activities

Monthly tasks focus on moving money about – paying wages and bills, and checking how you’re doing.

Statement Run

Chase up any who owes you money and send statements.

  • Do statement run – send out statements to all customers still owing money
  • Phone those with outstanding invoices and chase

Pay the bills

Make sure that you’ve processed all the payments you need to.

Interest payments

Check that you have entered these items into your Xero bank account via bank reconciliation when they have been downloaded from your online bank account.

Record business expenses you’ve incurred personally 

Make sure you have an expense claim(s) covering all items that have been put on your credit card or paid for with cash.

  • Process the expense claim through to the point it is awaiting payment.
  • In your online banking, transfer the required amount from your business account to your credit card amount.
  • When this payment goes out of your business account it will appear in Xero as a downloaded statement line to reconcile to the expense claim.
Payroll

May sure the troops have been paid.

  • Prepare PAYE to be paid – run required report from your payroll system and arrange payment to IRD
  • Check that holidays have been correctly entered into your payroll system
Take drawings

Take any necessary drawings (money out of your business) and you can record these in Xero as a Spend Money transaction coded to an Owners Drawing account.“
For advice on how best to draw money from your business talk to your trusted advisor or accountant.

Complete your management reports

With your information up to date is now easy to review how your business is going and set strategies for the next month.

  • Any reports in Xero can be run with an ‘as at’ date – so even if you forget to publish/print the report on the last day of the month it can easily be run at a later date
  • Review progress against budget. Have you learned anything that signals you should revise your budget?
  • If you have Financial Advisor permissions you can generate a management report and send it our to your stake holders. We strongly recommend sending your management report to your bank manager.  This establishes a trust relationship that you may need at short notice later.

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