Finance Checklists for Excel Users

Three proven checklists that keep your financial planning reliable and up to date. Print them out or use them directly in Excel — each checklist contains all the steps you need.

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Checklist 1: Monthly Finance Routine

Go through this checklist at the beginning of each month to keep your financial planning current.

Bank Reconciliation

• Reconcile bank accounts — does the Excel balance match the actual bank balance?
• Enter missing transactions
• Assign or clarify unclear entries

Receivables & Payables

• Check open receivables — which invoices are unpaid?
• Payment overdue > 30 days? → Send reminder
• Check open payables — are there overdue invoices?
• Review payment terms with major suppliers

Update Liquidity Plan

• Enter actual data for the completed month
• Analyze actual vs. plan variances (> 10% = investigate root cause)
• Update forecast for the next 3 months
• Review and adjust assumptions if needed

Taxes

• Check VAT prepayment (in quarter-end months: March, June, September, December)
• Review tax deadlines in the upcoming month
• Prepare receipts and invoices for the accountant

Reporting

• Update dashboard (charts, KPIs)
• Note key metrics: burn rate, runway, net cash flow

Time required: 1–2 hours per month.

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Checklist 2: Excel Model Audit

Perform this audit at least once per quarter to find and fix errors in your Excel model. Studies show that 88% of all Excel files contain errors — does yours?

Formula Check

• Review all formulas (press F2 and visually trace references)
• Search for circular references (Formulas → Error Checking → Circular Reference)
• Find hard-coded values in formulas and replace with cell references
• Check: Are there formulas referencing deleted sheets or ranges (#REF!)?

Structure Check

• Input cells clearly marked (distinct color, e.g., light blue)?
• Calculation cells protected (sheet protection enabled)?
• Assumptions on a separate sheet and referenced via cell references?
• Are all sheets logically named and organized?

Plausibility Check

• Sum check: Do totals match individual line items?
• Balance sheet equation (if 3-statement model): Assets = Liabilities + Equity?
• Stress test: Does the model work with extreme values (e.g., €0 revenue)?
• Year-over-year comparison: Are there unrealistic jumps?

Documentation

• Are key assumptions documented (on the assumptions sheet)?
• Is there a change log (who changed what and when)?
• Is a backup copy available?

Time required: 2–3 hours per audit.

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Checklist 3: Quarterly Review

Once per quarter, step back and review the big picture.

Performance Review

• Compare budget vs. actual by department/project
• Identify top 5 variances and document root causes
• Revenue development vs. plan: Are we on track?
• Cost development vs. plan: Are there unplanned cost drivers?

Contract Review

• Check contracts: Notice periods within the next 90 days?
• Subscription review: Are all software tools still actively used?
• Supplier contracts: Is there room for renegotiation?
• Lease agreements: Check index clauses

Forecast & Planning

• Adjust forecast for the next quarter
• Update scenarios (have conditions changed?)
• Check liquidity reserve (target: 2–3 months of expenses in the bank)
• Prepare investment decisions for the next quarter

Strategic Questions

• Do we need additional financing? If so: when and how much?
• Is there cost-saving potential without quality loss?
• Should we expand the Excel model or switch to software?

Time required: Half a day (4–5 hours including preparation).

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