Small Business Year-End Checklist
The end of the year is a busy time for everyone, but as a small business owner, it is even busier. Right now, your business needs a lot of attention especially regarding accounting. By devoting time now, you will not only close out the current year at a high note, but set yourself up to start the new year right.
We have compiled a checklist of items to do before the end of the year, that we will think will help you start 2019 with a bang, as well as help reduce your stress levels for tax season.
- Reconcile all bank accounts.
- Do you have any outstanding transactions?
- Review income and expenses.
- Is all income recorded?
- Are all expenses recorded and properly categorized?
- Run a few standard reports
- Profit and loss report
- Balance sheet
- Cash flow statement
- Review accounts payable and accounts receivable
- Do you have any invoices that are still unpaid?
- Do you have any invoices that need to be paid?
- Review payroll and benefits
- Are fringe benefits such as third-party sick pay, health insurance, life insurance, etc. accounted for?
- If you have inventory, conduct an inventory count before year end and make corrections if necessary.
- Close the books at year end.
Year-end can be stressful and adding year-end close items to the To-Do list is daunting. However, is it manageable if you follow the checklist above. If you need extra assistance in preparing for year-end, we are here to help. Call and schedule an appointment today.