Let's Schedule an Appointment

Monthly Accounting Tasks Every Business Owner Should Be Doing

[email protected] on June 30, 2026

Running a business involves meetings, sales, and future planning. However, the most successful businesses are those that stay organized. Keeping a detailed eye on your finances is not just a year-end chore for tax season; it is a monthly necessity for sustainable growth. A consistent monthly accounting routine allows you to identify errors early, manage your cash flow effectively, and make informed decisions based on real data. Here are some essential monthly accounting tasks every business owner should be doing to keep their finances in order.

Reconcile Your Bank Accounts

Bank account reconciling is the cornerstone of accurate bookkeeping. You must compare your internal records against your actual bank and credit card statements at the end of every month. It helps you identify missing transactions, bank errors, or even potential fraud. It also ensures that the balance you consider to have matches the actual amount in the bank.

Review Your Accounts Receivable

Cash is the lifeblood of your business. It is important to pull a report every month to see who owes you money and how long those payments have been outstanding.identify any invoices that are 30, 60 or 90 days past due and follow up on payment. The longer an invoice sits unpaid, the harder it becomes to collect.

Manage Your Accounts Payable

Just as you need to know who owes you, you must keep track of what you owe others. Reviewing your unpaid bills ensures you stay on good terms with your vendors and avoid late fees. Check for upcoming due dates and ensure you have the cash set aside to cover them to prevent a cash crunch mid-month

Review Your Financial Statements

This stage gives you a clear image of where you stand in organizing your accounts. Pull and review three key reports every month: the profit and loss report, balance sheet, and cash flow statement. Compare this month’s profit and loss report to the previous month or the same month last year to spot trends. Use a balance sheet to show your company’s overall health by showing your assets, liabilities, and equity-basically what you have, what you owe and what you are in the business for. Better yet, ask your CPA to do real time projections so that you are planning and paying appropriately and not guessing. With the help of a cash flow statement, you can track the actual movement of cash in and out of your business.

Set Aside Funds for Taxes

One of the most common mistakes among small business owners is a surprise tax bill. Every month, you should set aside a percentage of your income for estimated tax payments. This keeps your business liquid and ensures you are not facing difficulties when quarterly deadlines arrive.

Partner with Noack & Company

As a business owner, your time is your most valuable asset. While these tasks are essential, they can also be time-consuming.  For tailored accounting and tax services, connect with Noack & Company. With services such as full-service bookkeeping, tax compliance filing, and high-level tax planning, we offer professional small-business tax, accounting and consulting services.

Why Choosing an Experienced Accounting Firm Can Elevate Your Business

[email protected] on March 27, 2026

Accounting is challenging, especially for new businesses. The process can be time-consuming and confusing, so business owners may not get enough time to focus on core operations, instead stuck heads down in Quickbooks. To put your time where it excels and run your business smoothly, let an experienced accounting firm help you! There are many ways a professional firm can help improve your business operations:

Re-direct Owner Focus

Delayed handling of quickbooks classifications and inconsistent accounting systems leads to operational delays in businesses, sucking up owner time to “fix everything that went wrong”. An experienced accounting team improves efficiency, reduces owner involvement in transactional quickbooks “clicks”, and helps business operations moving forward. Business owners can spend their time better developing their products and services, increasing sales, and doing things they enjoy and excel at doing, instead of being bogged down in how to classify transactions in their accounting file. 

Improved Decision-Making and Planning

Not knowing what your financial statements look like is a recipe for disaster- how can a business be run without a clue of where it is at? Making decisions that impact the business’ future and growth require strong confidence in current financial activity. Can the business support new employees? Should investments in capital/equipment be made? Is there enough reserves in the bank to last through a season of slow down? All of these questions require a strong accounting foundation, otherwise the business is run by “gut feelings” instead of real data.With the consistent help of a strong accounting team, businesses can make decisions that align with their growth objectives. 

Financial Expertise

An accounting firm specializes in financial management and tax compliance- staying on top of both the business ongoing accounting needs as well as ensuring tax compliance with the latest practices, law changes and regulations. A firm simply doing the taxes or doing the accounting is doing the business a dis-service, the magic that brings peace of mind and financial confidence is in the conversations about these things. Tax planning, projections, budget creation and review are all areas that truly help business owners feel like they make strong steps in the right direction to reach their goals- and all require reliable books. Bad accounting and books leads to bad tax projections and tax surprises.  

Tech Optimization

With the surge of AI powered tech products, the options to automate and improve operations seem endless. A tech savvy accounting firm optimizes your business operations and helps streamline financial processes by finding the best accounting and financial solutions for your business. The introduction of technology solutions removes guesswork and paperwork while bringing efficiency. Have an in house administrative accounting team that just needs support to lean on? Many accounting firms provide solutions for that framework as well by offering training packages or accounting oversight services to better train the team in place on site. With the right tech stack in place the options are endless!

Connect with Noack & Company

Looking for accounting services for your business? Noack & Company is here to help. We provide personalized and comprehensive accounting services that cater to both growing and established businesses. Connect with us for services like small business tax, small business accounting, FIRPTA, tax resolution in Naples, Bonita Springs, Marco Island, Estero, Cape Coral, and Fort Myers, FL. 

 

IRA Contributions

Bruno Zanini on August 29, 2024

Know the rules for your IRA contributions. Many taxpayers can take a deduction for money they contribute to a traditional IRA each year, but it depends on some rules. You must have earned income to qualify, know the type of IRA you are contributing to, and understand the IRS limit on the total amount of contributions that can be deducted. 

What IRAs Are Eligible? 

You can claim a deduction for traditional IRA contributions, but not for Roth accounts which are treated differently for tax purposes. Roth IRA distributions are tax-free after retirement, as long as you meet the holding time and age requirements. You don’t get a tax break on the money at the time you contribute it, the tax break comes when you take the money out tax-free. 

Unlike Roth accounts, traditional IRA distributions are taxed when they’re withdrawn. 

SEP, SIMPLE, and SARSEP IRA plan contributions are also deductible, but these can be subject to slightly different rules. The majority of taxpayers will utilize Roth or Traditional IRA’s, so check with your tax advisor for the rules around these plans. 

The Basics 

You must have earned income to make IRA contributions. Interest and dividend income and earnings from property, such as rental income, do not count. 

You and your spouse can take an IRA deduction regardless of how much you earn. There are no caps on income, but your IRA deduction is subject to income limitations if you would like to receive a tax break for your contribution.  

The deadline for making deductible contributions is April 15 of the year following the tax year in which you’re claiming them.  For 2020 contributions, you have until April 15, 2021, to fund your IRA. 

Annual Contribution Caps 

You can take an IRA deduction for up to $6,000 in contributions in 2021 if you’re age 49 or under. This increases to $7,000 if you’re age 50 or older. You can’t contribute more than your annual earnings. These limits apply to all IRA accounts that you hold. They’re not $6,000 or $7,000 for each IRA. They’re $6,000 or $7,000 for all your accounts collectively. 

Spousal IRA Contributions 

You can make a spousal IRA contribution for your non-working spouse—if you have enough earned income to cover the contributions in addition to your own. And yes, you can claim an IRA deduction for doing so. 

You could make $7,000 in deductible contributions for each of you for a total of $14,000 if you and your unemployed spouse are age 50 and older. 

If You Have an Employer-Sponsored Retirement Plan 

Your IRA deduction can be limited if you also contribute to a company-sponsored retirement plan. It depends on the amount and the type of income you report. 

A taxpayer is considered to be a participant in a company-sponsored retirement plan if their account balance receives any contributions at all in a given year, even if all the contributions were made by the employer. In this case, your ability to deduct your IRA contribution breaks down like this: 

  • The IRA deduction is phased out if you have between $66,000 and $76,000 in modified adjusted gross income (MAGI) as of 2021 if you’re single or filing as head of household. You’ll be entitled to less of a deduction if you earn $66,000 or more, and you’re not allowed a deduction at all if your MAGI is over $76,000. 
  • The IRA deduction is phased out between $105,000 and $125,000 if you’re married and filing jointly as of 2021, or if you’re a qualifying widow(er). Those with MAGIs over $125,000 aren’t allowed a deduction. 

These limits plunge significantly for married taxpayers who file separate returns. They’re limited to a partial deduction in 2021 for MAGIs up to $10,000. There’s no deduction over this income threshold. 

You can calculate your MAGI for purposes of claiming the IRA deduction by adding certain other deductions you might have taken back to your adjusted gross income (AGI), including the student loan interest deduction, and the tuition and fees deduction. 

You must also add back certain income exclusions when calculating your MAGI, including foreign earned income and housing, employer adoption benefits, and savings bond interest.  

As you can see there are many rules to comply with, so be sure to consult with us to ensure you get the best tax treatment for your IRA contributions.