If you’re running a business and managing your own accounts, it’s easy to feel overwhelmed by everything that could be reviewed at the end of each month. The truth is, there’s no one-size-fits-all checklist—every business is different.

But there are some fundamentals every business should cover to ensure financial data stays accurate, up to date, and useful. Here’s a breakdown of the bare minimum we think you should be checking each month.

Reconcile All Transactions

Start by making sure all your business transactions for the month are entered and reconciled in your accounting software. It’s not enough to just match bank feeds—check against actual bank statements to confirm the balances match at the end of the month. It’s surprising how often businesses think their accounts are reconciled when they’re not actually correct.

This step is the foundation for everything else in your review. If the transactions aren’t right, your reports won’t be either.

Tip: Try reconciling at least weekly to stay on top of errors and avoid bigger clean-ups at the end of the month.

Check Payroll Figures

Payroll is often one of the largest expenses for a business, so it’s important to check that your payroll data has been recorded correctly.

Key things to review:

  • Have wages and superannuation been posted to the correct accounts?
  • Have all STP been submitted to the ATO?
  • Have leave accruals and entitlements been accounted for accurately, and appear on the Balance Sheet?
  • Are payroll clearing accounts reconciled?

These are just a few of the payroll checks that should be considered. It’s essential that payroll records are accurate and compliant, as errors can affect employee entitlements and ATO reporting obligations.

Review the ATO Integrated Client Account (ICA)

The ICA often gets overlooked but should be part of your regular month-end routine. It provides a snapshot of what’s been lodged and paid. Your Accountant or BAS Agent can provide you with a copy. Businesses can also access their own ICA through Online Services for Business.

We recommend:

  • Cross-checking that everything you expected to lodge has been lodged.
  • Confirming that balances match what’s on your books.
  • Reviewing any overdue amounts or interest charged by the ATO for late payment.

If your ATO account doesn’t line up with your software’s liabilities or payments, now’s the time to investigate. 

Scan for General Ledger (GL) Exceptions

A quick scan of your Profit & Loss and Balance Sheet can help identify coding mistakes or anomalies.

Some things to look for:

  • Unusual spikes or dips compared to prior months.
  • Negative balances in income or expense accounts.
  • Unfamiliar account names or duplicated accounts.

These might not always be errors—but they’re worth checking. If something doesn’t look right, dig into the detail.

Check Accounts Receivable and Payable Reports

Run an aged receivables report and an aged payables report to confirm accuracy.

Make sure:

  • The total on the report matches your Balance Sheet accounts.
  • Any amounts that are not collectable are followed up or written off.
  • Old supplier bills that don’t need to be paid are removed or credited.
  • Any unapplied payments are cleared or investigated.

If your receivables or payables balances aren’t “real”—you’ll want to fix them before they affect reporting and your GST.

Review GST Coding

Before preparing your BAS or GST report, check that transactions have been coded correctly.

Common GST mistakes include:

  • Claiming GST on GST-free purchases.
  • Coding GST-free sales as BAS Excluded (they still need to be reported).
  • Treating wages or loan repayments as GST-free (they should be BAS Excluded).
  • Claiming GST on supplier invoices where the supplier is not registered for GST (check using ABR Lookup).

To reduce the risk of errors, make sure tax invoices, receipts, and supporting documentation are attached to each transaction in your accounting software. You can also refer to our piece on leveraging technology to simplify processes.

Lock the Period in Your Accounting Software

Once your review is done and reports are finalised, it’s a good idea to lock the period in your accounting system—especially after BAS lodgement.

Why this matters:

  • It prevents accidental edits to already lodged or reconciled data.
  • It preserves the integrity of your financial reports.
  • It helps avoid discrepancies in future periods.

In platforms like Xero, you can set lock dates for users and advisors separately, offering flexibility with added protection.

Final Thoughts

The aim of a month-end review is to ensure your financial data is accurate, complete, and ready to support decision-making. These checks help you stay compliant, avoid costly errors, and maintain confidence in your numbers—month after month.

Want to avoid common bookkeeping errors that slip through the cracks? Check out our piece on the Top 5 Bookkeeping Mistakes Business Owners Make.

If you’re not doing these checks each month, or if you’re unsure where to start, we can help simplify the process. Get in touch to learn more about our monthly review services and how we support business owners to stay on top of their finances.