19 Nov Are you ready for the end of the fiscal year?
It is that time of the year again. You got to work today and realized the end of the year is around the corner, and you are still reconciling your third fiscal quarter.
You have to retain current and accurate financial records. It is crucial to running a successful and profitable business. Not to mention it is required by IRS.
There are so many tasks that you have to wrap up before the end of the fiscal year. Even thou, you most likely have a bookkeeper, as a business owner, you have to understand where your finances are.
Luckily for you, we have compiled this handy list of most important tasks that you should review and finish before the clock strikes midnight on New Year’s Eve.
- Analyze your Profit & Loss financial reports. Do you have large profits? Think about major purchases that you have been postponing.
- Check you loan accounts and lender files.
- Look at your 1099 vendors and make sure that all information is up to date and accurate.
- Think about benefits that you can report on W-2s. Health and life insurance, travel and moving, education, to name a few.
- Gifts and bonuses for your clients and employees. Does it make financial sense for your business to write the check this year or wait?
- Inventory, when was the list time you have physically checked all your products? Find out how much money you have tied up in your current inventory.
- Create goal, plans and a budget for the next year. It is never too early to plan!
About Accounting & Business Partners
Accounting & Business Partners is a CPA firm with an accurate, consistent and timely bookkeeping, payroll and tax departments. We believe that success lies in numbers. However, the drive behind the numbers is what truly matters. That’s why we look beyond the financial statements.