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IT Firm Checklist for MSP Finance Leaders

IT Checklist for Financial MSP Professionals

As consultants, we get this question almost daily. "Which tasks and processes impact the bottom line?"

Utilize this Checklist for Financial professionals in the MSP space as a way to prioritize important tasks across your entire organization. 

1. Monthly Meetings

  • P & L Review
  • Balance Sheet Review
  • Benchmark, Goal setting meeting
    • Managing by the numbers, Bering McKinley Targets

2. Company Credit Cards

  • Management of cards
  • Credit card statement reconciliation

3. Processes

  • Reimbursed expense
  • Receive money, and deposits
  • Check writing
  • Purchasing hardware/software from vendors
  • Reconcile bank accounts
  • Review/process AP vendor bills
  • Update bank activity in the financial system
  • Ensure all timesheets and expense reports are submitted and approved/process expense reports
  • Service time invoicing
  • Agreement invoicing
  • Product invoicing
  • Reconcile necessary balance sheet accounts
  • Payroll entry/processing/submission
  • Payroll entry into the financial system in a timely manner

4. The Chart of Accounts meets the minimum criteria

  • Account numbers
  • Payroll is broken down by
    • Service COG
    • Sales Salary/Commission Expense
    • Admin salary expense
    • Owner compensation
  • Service revenue is broken down by
    • Hourly
    • Project
    • Recurring
  • Sales Expenses represent their own category
    • Sales Salaries
    • Sales Commissions
    • Sales Tools



How did you do?

Having trouble implementing and meeting all of these tasks? Bering McKinley offers Business Performance Assessments designed to help existing businesses and MSP leaders move away from just diving into the business and staying busy. We help you evaluate areas for improvement and processes that will guarantee you work smarter and gain positive ground.


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