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TOOLS CLUB CHECKLIST

Quarterly Financial Review Checklist

The 90-minute review that catches problems before they become expensive.

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Performance

  • Compare actual revenue to budget/forecast
  • Compare actual expenses to budget/forecast
  • Calculate gross margin and compare to last quarter

Cash & Risk

  • Review the cash flow trend over the quarter
  • Check accounts receivable aging for slow payers
  • Check accounts payable for anything past due

Tax & Compliance

  • Confirm the estimated tax payment was made
  • Reconcile payroll tax filings if applicable
  • Confirm sales tax filings are current

Strategy

  • Identify your best and worst performing products/services
  • Decide if pricing needs adjustment
  • Set one financial goal for next quarter

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Frequently Asked Questions

How long should a quarterly financial review actually take?
About 90 minutes if your books are already current. It's designed to be a focused check-in, not a full audit — the goal is catching problems early, not doing a deep-dive every three months.
What if I don't have a formal budget or forecast to compare against?
Compare against the same quarter last year, or against your own expectations going in. Having no benchmark at all is the bigger risk — even a rough one gives you something to react to.
Do I need an accountant to run this review?
No — it's built to be run by the business owner using numbers already in your books. An accountant becomes useful if the review surfaces something you don't know how to fix.
Is there a similar checklist for closing the books every month?
Yes — see the Month-End Bookkeeping Checklist for the recurring monthly close routine that feeds into this quarterly review.

Related Resources

Financial Ratio Dashboard
Tools Club template
Month-End Bookkeeping Checklist
The monthly routine behind this review
Accounting Quizzes
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