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Running a small business in Philly? It’s a grind. From serving customers to dodging city taxes, finances can trip you up fast. That’s where having a Financial Checklist comes in handy. With so many tasks and only one person managing it all, things can easily slip through the cracks. We can do you a solid—you don’t need to keep track of every tax change or financial update on your own.
At 5K Advisory, we help local shops and businesses stay on track. This financial plan checklist lays out what to do each month and quarter in 2025. It’s your PA business checklist to nail compliance and keep cash flowing.
Let’s make your financial audit checklist work so your year end financial checklist doesn’t stress you out.
Why Bother with a Financial Checklist?
Philly’s tough on small businesses. The Business Income and Receipts Tax (BIRT) hits hard. So do state and federal taxes.
A good Philadelphia budget breakdown keeps you ahead. For example: If we’ve seen a Fishtown boutique owner save thousands just by organizing their books.
This guide helps you avoid fines and grow, whether you’re a deli on Passyunk Square or a startup in Northern Liberties.
Monthly Tasks: Keep It Tight
Hit these every month. Think of it like restocking your inventory, so you are most likely to do it regularly, or you’re in trouble.
January
- Check Books: Match your bank statements to QuickBooks. A South Philly caterer we know caught a $200 error this way. Don’t skip it.
- Track Cash: Look at money in, money out. Philly rents are brutal. Make sure you’ve got enough for bills.
- File BIRT: If you file BIRT monthly, get it done early. Late fees sting.
February
- Send Tax Forms: W-2s and 1099s go to employees and contractors by January 31. Mess this up, and the IRS notices.
- Review Budget: Compare your Philadelphia budget breakdown to spending. A Manayunk gym owner cut unnecessary cable costs after this step.
March
- Chase Overdue Invoices: Call clients who owe you. Cash flow keeps your doors open.
- Ditch Useless Subscriptions: Cancel that software you forgot about. Every dollar counts.
April–December
- Stay on It: Keep reconciling, tracking expenses, and filing BIRT if needed. Update your PA business checklist monthly.
- Save for Taxes: Stash 20–30% of income for taxes. A West Philly barber learned this the hard way after a big tax bill.
Quarterly Tasks: Zoom Out
Every three months, take a breather. These tasks help you plan and stay compliant with City of Philadelphia accounting rules.
Q1 (January–March)
- Pay Estimated Taxes: LLCs and sole proprietors owe federal and PA taxes by April 15. We can help figure out the right amount.
- Check Profits: Look at your profit and loss statement. A Center City coffee shop owner we worked with spotted overspending on supplies here.
- Sometimes these quarterly checks give you ample time to reform, reflect, and get better footing for annuals.
Q2 (April–June)
- File Payroll Taxes: Submit Form 941 and PA unemployment taxes by April 30. Check payroll records to avoid mistakes.
- Tweak Budget: Review your financial plan checklist. A University City retailer adjusted marketing costs after this.
Q3 (July–September)
- Review Inventory: Got products? Check stock for write-offs. A Kensington craft store saved on taxes by logging unsold items.
- Mid-Year Check: Meet with us at 5K Advisory. We’ll fine-tune your City of Philadelphia accounting plan for year-end.
Q4 (October–December)
- Prep Year-End: Pull together financial statements—balance sheet, income, cash flow. Catch errors now.
- Grab Deductions: Log expenses like equipment or ads. Keep receipts for audits. A Fairmount contractor we know saved big this way.
Year-End Wrap-Up
December’s crunch time. Here’s your year end financial checklist:
- Close Books: Reconcile everything. Finalize payroll. No loose ends.
- Back Up Records: Save financials in the cloud, like with Xero. It’s a lifesaver for audits.
- Talk Taxes: Meet with 5K Advisory to plan deductions and filings.
- Plan for 2026: Use 2025 numbers to set next year’s budget. Forecast sales to grow.
Frequently Asked Questions: Philly Accounting Basics. Philly business owners ask us these a lot:
How to run a business checklist?
Log sales daily. Reconcile monthly. File taxes quarterly. Review yearly. We can set you up with tools like Xero.
Does PA require annual reports for LLCs?
Yep, starting 2025, PA LLCs file an annual report by September 30. It’s $7, covering your LLC’s name and a governor’s name. Use file.dos.pa.gov.
How to create a basic Financial checklist?
Split tasks into daily (track sales), monthly (reconcile), quarterly (taxes), yearly (archive). Certain software makes it easier.
What businesses need to file an annual report?
PA says LLCs, corporations, limited partnerships, and LLPs must file. Nonprofits or some LPs/LLCs with nonprofit purposes might skip fees.
Why Choose 5K Advisory for Financial Checklist?
Philly’s tax rules are no joke. BIRT, state taxes, and high costs hit hard. At 5K Advisory, we build PA business checklists that work for you. From startups in Old City to shops in Chestnut Hill, we keep you compliant and profitable.
Make 2025 Your Year Financial Checklist
A strong financial plan checklist sets your Philly business up for success. Monthly check-ins, quarterly reviews, and a solid year end financial checklist keep you in control. Let’s make your finances as strong as a Philly rowhome.