Dec 06 2018

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.

Year-End Checklist

  1. Reconcile all bank accounts.
    1. Do you have any outstanding transactions?
  2. Review income and expenses.
    1. Is all income recorded?
    2. Are all expenses recorded and properly categorized?
  3. Run a few standard reports
    1. Profit and loss report
    2. Balance sheet
    3. Cash flow statement
  4. Review accounts payable and accounts receivable
    1. Do you have any invoices that are still unpaid?
    2. Do you have any invoices that need to be paid?
  5. Review payroll and benefits
    1. Are fringe benefits such as third-party sick pay, health insurance, life insurance, etc. accounted for?
  6. If you have inventory, conduct an inventory count before year end and make corrections if necessary.
  7. 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.