Do you have a lot of receipts and are you worried that you will not be able to catch up? Here are some quick tips to help you get ready for the year-end:
1. Organize your receipt and paperwork:
- Sort your receipts and other paperwork into envelopes by month. Include all monthly bank, credit card, and loan statements in the envelope. If you want to save money, sort your receipts to the bank or credit card statement that they appear on and file each in its own envelope. Make sure that copies of the deposit receipts or invoices are included with your statements to ensure the fast processing of your paperwork.
2. Reconcile your books:
- If you manage your accounting software, make sure everything is in by doing your month-end bank reconciliations. Check for any transactions that are not on your bank statement and investigate and clean up any anomalies.
3. Double check :
- Open your reports page to pull a Profit and Loss or a Trial Balance and review your accounts. Make notes about any anomalies. For purchases over $500, consider allocating them as assets to be expensed over multiple years rather than all at once in the year purchased.
4. Who still owes you:
- Pull your Detailed Accounts Receivable report and make sure that everything listed is still outstanding. Record and decide how to deal with any uncollectible invoices. Make sure you keep a copy of these transactions.
5. Who do you owe:
- Check your accounts payable for any errors or missing bills. Include the portion of your home office expenses that you are allowed to claim.
6. Count your inventory:
- Count your inventory as close to your year-end as possible and give it a dollar value. If you don’t do regular inventory counts during the year, make sure to count it now.
7. Bigger Picture:
- Review your goals for the next year and assess if you met the goals you set for this year. Bring your thoughts to your accountant for business planning and tax planning.
Having up-to-date financial reports and clean books can be a great tool for business owners. If you need help keeping your books up to date, see how Bejeweled Bookkeeping team of bookkeepers can help your business.
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