Fix the time before you fix the process
Pick a slot and keep it. The review works because it is regular, not because it is thorough. Same day, same time, same two lists. If the bookkeeper and the owner are different people, both attend, or one prepares and the other decides.
List one: what customers owe you
For each open invoice, note the customer, the job it belongs to, the amount, and how long it has been outstanding. Sort by age, oldest first. The job matters: a customer who is slow to pay for a finished roof is a different conversation from one who is waiting on a change order you have not sent yet.
- Was the invoice actually sent, and to the right person?
- Is there a promise or a dispute attached to it that someone else knows about?
- Who follows up, and by when?
List two: what you owe others
For each bill, note the supplier or subcontractor, the job or expense it belongs to, the amount, and the due date. Sort by due date. Attach the document. A bill with no document behind it gets a question before it gets paid.
Tie each line to the work
The lists are more useful when every line points at a job or a category. That is what turns “we have a lot of open invoices” into “these two jobs are carrying most of it.” It is also what makes project performance visible later: the income and the costs already sit beside each other.
Decide three things
The review ends with three decisions, not a full plan. Typically: one collection to chase, one payment to schedule or hold, and one question for the bookkeeper. Write the decisions down where the next review can see them.
Record what changed
Next week, start by checking the three decisions. Did the customer pay? Did the payment go out? Was the question answered? Then rebuild the lists. Over a few weeks you learn which customers need earlier reminders, which suppliers to call before due dates, and which jobs need a closer look.
Keep the review close to the records
The review breaks when the lists are built from memory or a spreadsheet nobody trusts. Keep them as close to the accounting records as you can, and check them against your bank and your accounting system before relying on them for decisions.
FinanceBlock is built around exactly these questions: what is owed to us, what do we owe, how is this project performing, and what needs review. Validate any setup against your underlying records before treating it as your system of record.