Even the wisest shepherd didn’t check on his flock just once a year — he tended to it regularly, knowing the health of what he cared for. The same principle applies to your business finances. At Abundant Grace Bookkeeping, one habit we encourage every McKinney business owner to build is a simple end-of-month financial check-in. It takes less than an hour and can save you from costly surprises down the road.
The Tip: Reconcile and Review Before You Move On
At the close of every month, before you turn the page to the next one, take time to:
1. Reconcile Your Bank and Credit Card Accounts Make sure every transaction in your books matches what actually happened in your bank and card statements. This is the single most important step in catching errors, duplicate charges, or missed transactions early — while they’re still easy to fix.
2. Review Your Profit & Loss Statement Look at what came in and what went out. Are expenses trending where you expect? Did revenue match your goals? A monthly glance keeps small issues from becoming year-end surprises.
3. Check Your Outstanding Invoices and Bills Who owes you money, and who do you owe? A quick AR and AP review each month keeps cash flow predictable and relationships with clients and vendors on solid ground.
4. Set Aside Your Tax Savings If you’re not already setting aside a percentage of monthly profit for taxes, make it part of your close-out routine. Future-you will be grateful.
5. Ask One Question: “Did This Month Move Me Closer to My Goals?” Numbers matter most when they inform decisions. Use your monthly review as a moment to reflect, not just record.
Why This Simple Habit Matters
Business owners who review their books monthly catch problems while they’re small, make faster decisions, and walk into tax season with confidence instead of dread. It’s a small investment of time that compounds into real peace of mind.
We believe good stewardship starts with simply knowing where things stand — one month at a time.
Learn more at abundantgracebooks.com
“Be thou diligent to know the state of thy flocks, And look well to thy herds.” — Proverbs 27:23
Peace and blessings,
Monica and the Abundant Grace Bookkeeping Team
“Grace for your books; freedom for your business.”
