Bookkeeping Checklist for Artists

Things to Check Every Day:

            Check your cash on hand

            Know what is in your bank accounts and check for fraud

            Be aware of expenses and income for today

Things to Check Every Week:

            Record customer billings and payments

            Pay vendors

            Record payroll and or contract labor hours

            Check To Do List for purchases needed for studio work

            Send any invoices to keep cash flowing

Things to Check Every Month:

            Balance your checkbook(s)

            Review any past due payments

            Check inventory for sales if needed

            Add new artworks and prices to your art inventory system (ie. GYSTPro)

            Check in with your gallery or retail outlets re: inventory, sales, etc

            Review cash flow

File or scan all receipts and paperwork

Review month end balance sheet

Things to Check Quarterly:

            Review annual profit and loss estimates (review against last year)

            Make quarterly payroll payments if needed

            Make quarterly sales tax payments if needed

            Make any income tax payments if needed

            Review inventory and update inventory system

Things to Check Annually:

            Review any aged receivables and invoice if needed

            Year end status review

            Pay IRS and state taxes

            Pay sales taxes for the year (if you have not paid quarterly)

            Create full year Financial Reports and review

            Review your tax returns before sending to your accountant

 Review your prices and change if needed

            Create a budget for the coming yea