What Monthly Bookkeeping Should Include: A Complete Checklist
A complete monthly bookkeeping service should include: reconciliation of every bank and credit card account against statements, categorization of all transactions, resolution of clearing and suspense accounts, a documented month-end close, and delivery of a profit & loss statement, balance sheet, and written summary, all on a fixed schedule.
Why 'my bookkeeper enters transactions' isn't enough
Many business owners pay for bookkeeping and receive data entry. Transactions get typed in, categories get guessed at, and at year-end the CPA sends a long list of questions, which is the surest sign the monthly work wasn't complete.
Real monthly bookkeeping is defined by one test: does every balance on the balance sheet tie to an external document? If your bank balance in QuickBooks matches the bank statement, your payroll liabilities match your provider's reports, and your loan balances match lender statements, the books are real. If nobody checks, they're a guess.
The monthly checklist
1. Reconcile every account (checking, savings, every credit card, PayPal, Stripe, and any loan) against its statement. Not just the main operating account.
2. Categorize all transactions using a consistent chart of accounts, with vendor rules so the same expense never lands in two different categories. An 'Ask My Client' or 'Uncategorized' balance at month-end means the close isn't done.
3. Clear the clearing accounts. Undeposited funds, payroll clearing, and suspense accounts should return to zero (or an explainable balance) every month.
4. Review the P&L for anomalies (a margin that jumped, an expense that doubled) before the owner sees it, so the report arrives with explanations, not surprises.
5. Deliver statements plus a summary. A P&L and balance sheet without a written 'here's what happened' pushes the analysis work onto the owner.
What a proper close protects you from
Clean monthly books eliminate the year-end scramble, cut CPA bills (preparers charge more for messy files), keep you lender-ready at all times, and surface problems (fraud, duplicate billing, drifting margins) while they're still small.
They also make every other financial service possible: forecasting, budgeting, and CFO-level advice are only as good as the ledger underneath them.
How much should it cost?
Fixed monthly fees are the healthy standard: they align the bookkeeper's incentive with efficiency rather than hours. For an owner-led business with a couple of accounts, expect roughly $250-$400/month; growing businesses with payroll and AP/AR typically fall in the $500-$900 range. Stakeville's plans start at $199/month, scoped precisely during a free Books Health Check.
Want this handled for you?
A free Books Health Check tells you exactly where your books stand and what it takes to fix them.