This guide will walk you through the steps to perform a comprehensive quarterly financial review for your business. Use the checklist at the end to ensure you've covered all the critical areas.

1. Review the Balance Sheet

• Assets: Ensure all assets are accurately recorded and reflect their correct value.
• Liabilities: Confirm that all liabilities are accounted for and that there are no overdue debts or obligations.
• Equity: Review owner's equity to understand the net worth of the business.

2. Review the Income Statement

• Revenue: Compare quarterly revenue to previous periods and assess any significant changes or trends.
• Expenses: Analyze expenses to identify areas where costs can be reduced or managed more efficiently.
• Profitability: Calculate your gross profit and net income to evaluate the business's profitability.

3. Review the Cash Flow Statement

• Operating Activities: Ensure that cash inflows and outflows related to operations are positive and consistent.
• Investing Activities: Review any investments made and assess their impact on cash flow.
• Financing Activities: Check for any new loans, repayments, or equity changes that affect cash flow.

4. Reconcile Bank and Credit Card Accounts

• Bank Reconciliation: Match your bank statements with your accounting records to ensure accuracy.
• Credit Card Reconciliation: Do the same for credit card statements, ensuring all transactions are properly recorded.

5. Review Accounts Receivable and Payable

• Accounts Receivable: Ensure that all outstanding invoices are collected and follow up on overdue payments.
• Accounts Payable: Verify that all vendor payments are up-to-date and there are no outstanding bills.

6. Review Inventory (if applicable)