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    The Year End Accounting Checklist

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    Also, if you hand your CPA a QuickBooks file that is not reconciled you are almost asking for a tax extension to be filed. A truly reconciled file tells your bookkeeper and tax preparer that everything is in the file; now we just need to make sure everything is in the right spot. Your clients notice; when combined with good communication practices, following a set of procedures and best practices helps ensure they get the service they expect. We are offering a deal so amazing that no other bookkeeping or payroll service would be be crazy enough to offer it. But, we are so sure you’ll love our service that we are happy to give you a BUNCH of free stuff.

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    As a small business owner, you can use this time and information to review the health of your business and get a good financial understanding of the past year. It sets you up for the next business year and provides you with the necessary information to file taxes for the year. This will also be easier if you have been staying on top of your record-keeping, or you have a bit of work ahead of you.

    Collect past due invoices

    What do you actually need to get done before the end of the fiscal year? A checklist can help keep you organized so that you get everything done before the clock strikes midnight on a new year. If you’d like help reviewing your books before year end, please add yourself to my calendar using the green button below. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.


    If you need help organizing your receipts, expenses, and other documents, use our Year-End Tax Filing Readiness service. Our tax pros can get your paperwork in order, helping you avoid missed deductions for just $50 per hour. If you operate on a fiscal year instead of a calendar-year schedule, you or your bookkeepers can still use this information as an end of financial year checklist.

    Compile all financial statements

    Aside from carrying over any plans that have already been put in place, try making a list of goals the entire company can work towards. We recommend following the S.M.A.R.T. system (Specific, Measurable, Achievable, Relevant, and Time-Sensitive). Experience workflow software that helps make sure nothing falls through the cracks. See why over 7,000 accountants and bookkeepers use Jetpack Workflow.

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    You need to follow up with vendors and pay them off so that the new year starts with a clean slate. Also, you must ensure that your accounts receivable reflects how much money your customers actually owe you. If your customers or vendors are having trouble making payments on time, you should discuss a payment plan with them.

    You want to be focusing on sales and growth to start the new year not 1099 compliance and taxes. Running your aging reports on both accounts receivable and payable may reveal some problems or maybe just some errors. In the meantime, you’ll need to analyze all the unreconciled expenses that have flowed through your shared account to determine which were business-related, and which ones were personal.

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    One of the most important things you can do is create a checklist of items to complete before the year’s end to facilitate as smooth a transition as possible to 2023. Here’s a quick look at what should be on your year-end checklist. Invoice customers for all goods and services you have provided to them. Enter any business expenses you may have paid for with personal funds. Record all transactions that are not paid for with your checking account.

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    This should be done as part of reconciling your https://bookkeeping-reviews.com/ and before you file your income taxes for the year. If you have questions about your payroll taxes, make sure to speak with a tax professional. Before you close your books, you must close out the financial year by ensuring that everything is invoiced out and all income is recorded. For those who haven’t yet paid invoices, send out reminders to get payments in as soon as possible.

    Make sure you check these eight procedures off your year-end accounting closing checklist before the year officially comes to a close. Before the clock strikes midnight on December 31, you need to square away several accounting tasks. Your accounting books should be organized, up-to-date, and ready for the transition into a new year. You must collect the owed money from the customers before the new year. This will ensure that you get enough room as a business and be able to report strong earnings.

    Set smart business goals

    Finally, check that all payroll taxes have been properly submitted to the IRS and your state’s taxing authority for the year. If your clients have more than a handful of employees , those employees will be asking for their W-2s sooner than later. Though the deadline for getting W-2s to employees is January 31, you’ll save yourself a lot of headaches by getting them out as soon as possible after the new year. You’ve got clients dropping off paperwork and tax preparers demanding financials. Plus, there’s the additional pressure of preparing 1099s and W-2s. We help owners grow their businesses by giving them back time and resources they would need to spend on keeping up with their bookkeeping.

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    S-Corporation shareholders and Partnership members use Schedule K-1 to report their share of the business’s profit and losses. Shareholders and Partnership members will also include the form with their personal tax returns. As the calendar year-end quickly approaches, your business fiscal year-end may also end. So it is time to roll up your sleeves and get your books for the start of the new year. We have collected a list of items you should add to your Year-End Bookkeeping Checklist to ensure your business transitions into the new year as smoothly as possible.

    Many companies sold off their physical office or store locations this past year in light of the shift to a digital or remote presence. This should be the ultimate guide to accounting project managemented as income, and the appropriate paperwork should be tracked from the sale. Outsourcing your bookkeeping is more affordable than you would think.

    If it hasn’t been done already, carve out a designated time to get these items in order as they are imperative for tax filing. Common accounts receivable errors I see are not offsetting credits against old invoices. You want to try and collect your outstanding receivables balances before year-end and possibly write of the bad debt that you will never collect. Towards year-end, you need to conduct an inventory check or inventory count. You will have to use inventory tools, inventory management software or even hire out the service, and determine if there are any discrepancies between the balance sheet and the count. Another copy of the invoice and a friendly email should do the trick.

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    This is by no means an exhaustive list; the steps required can also vary depending on the nature of the business going through the year-end accounting process. Reviewing financial statements also allows you to update them with changes that occurred during the year. Your year-end checklist needs to include a review of accounts payable and receivable for a few reasons. Since bookkeepers are always involved in year-end physical inventory accounting, you will want to confirm your clients are reviewing their inventory. If there are any stale payroll checks, your clients should contact those employees and reissue them. If the checks are more than a couple of years old, most states require those checks be remitted to the state’s unclaimed property department.

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