Monthly Business Health Checks: What to Review and Why

Just like regular servicing keeps a vehicle running smoothly, a monthly business health check helps you stay in control of your operations and finances. Without it, small issues can go unnoticed until they become major problems—missed payments, budget blowouts, or admin tasks falling behind.

At Elevate Office Solutions, I encourage clients to treat monthly reviews as a non-negotiable part of running a well-organised business. Here’s what to check, and why it matters.

1. Invoices In and Out

Make sure all completed work has been invoiced and that payments are coming in on time. Review your accounts receivable to follow up on overdue invoices, and check accounts payable to avoid late fees or cash flow surprises.

Why it matters: Timely invoicing and payment tracking keep cash flowing and reduce stress.

2. Bank Reconciliation

Ensure your bookkeeping records match your bank statements. This helps catch double-ups, missed transactions, or incorrect entries before they snowball.

Why it matters: Clean records make reporting easier, support better decision-making, and reduce hassle at tax time.

3. Expenses and Budget Tracking

Review your actual spending against your monthly budget. Identify areas that are running over or under, and adjust forecasts if needed.

Why it matters: Staying aware of spending patterns helps you manage costs and avoid surprises.

4. Work in Progress (WIP)

Track jobs underway, what’s been completed but not invoiced, and what’s scheduled next. This keeps your team focused and prevents revenue from slipping through the cracks.

Why it matters: Accurate WIP tracking improves job flow, forecasting, and billing efficiency.

5. Admin Catch-Up

Use this time to tidy up emails, file documents, and check that any recurring tasks—like tax payments, payroll, or reporting—are up to date.

Why it matters: Staying organised month-to-month prevents backlog and keeps compliance on track.

Monthly business health checks don’t have to take hours. With the right systems in place, they become a simple habit that helps you stay sharp and proactive.

Need help getting a review process in place? Elevate Office Solutions can set up monthly checklists, workflows, and support so you stay ahead, not behind.