Year-end is one of the busiest times in any business or organization. As the final few weeks of the year wrap-up, not only do activities increase and project deadlines loom, your business accounts have to be in order to wrap up the financial year ahead of tax season.
I’ve put together this quick checklist to help ease the burden that can come at year-end.
1. Setup a time to chat with your bookkeeper regarding the specific tasks related to your business or organization.
2. Prepare your local, state, and federal payroll making sure to comply with all current payroll regulations.
3. Ensure all receipts are accounted for and recorded into your accounting system.
4. Review and record all quarterly tax payments.
5. Prepare 1099-MISC forms to provide to any contractors by January 31st.
6. Confirm your tax deadlines with your accountant. These often depend on the type and structure of your business.
8. Review your cash flow and generate all year-end financial statements.
9. Review your financial reports to determine what went well (and what did not) to help plan for next year.
10. Finalize your budget to start off the new year on a great note!
Feeling overwhelmed? We’d love to take the burden off your bookkeeping and let you focus on the heart and soul of your business. If you’re interested in outsourcing your bookkeeping services, please get in touch for a free consultation!
