Spring Clean Your Books: 5 Essential Bookkeeping Tasks for Colorado Small Businesses in May

As the snow melts and the flowers bloom across Colorado, May is the perfect time for small business owners to do more than just clean out the garage. It’s also an ideal time to tidy up your books. Mid-year is just around the corner, and organizing your finances now can set you up for a stronger second half of the year.

Here are five essential bookkeeping tasks to tackle this May:

1. Reconcile All Bank and Credit Card Accounts

Make sure your accounts match up with your bank statements. Reconciling regularly ensures you’re catching errors, duplicates, or missing transactions early. It also gives you an accurate picture of your cash flow. Learn about our reconciliation services.

2. Review Income and Expense Categories

Take a moment to look at how your transactions are categorized. Are you properly tracking marketing, meals, or contractor payments? Clean categories lead to better insights and easier tax prep. See how we categorize expenses.

3. Organize and Digitize Receipts

If you’re still holding on to a shoebox full of paper receipts, it’s time to scan or upload them into your bookkeeping software. Going digital not only saves space but also ensures compliance with IRS record-keeping standards.

4. Prepare for Estimated Tax Payments

June 15 marks the next quarterly tax deadline. Use May to review your profits and plan for that payment. The Colorado Department of Revenue provides helpful forms and payment tools for small businesses. You can also review Colorado small business tax support.

5. Analyze Your Financial Reports

Run a profit & loss statement and a balance sheet to see where your business stands. Are you on track for your 2025 goals? These reports provide critical insight as you look ahead to summer planning. Our monthly reports keep you on track.

For Colorado businesses that rely on seasonal foot traffic—from farmers markets to mountain town tourism—spring is a pivotal time to reassess. Consider checking with your local Colorado Chamber of Commerce or Downtown Colorado, Inc. for local market insights and events.

Need help with your spring bookkeeping cleanup? Contact Barmann Bookkeeping for a free consultation and let us help you enter summer with confidence.