Bookkeeping Tips for Year-End
Tax season can be stressful for business owners, especially getting your books in order at the end of the year. If your recordkeeping isn’t in order, you may be in for a difficult time.
As you wrap up the current year, take the time to review your business operations and determine what areas could use improvement in the new year.
- Make sure your files are in order and your invoices, receipts, and statements are filed and stored where you can easily find them – either as hard copies or online.
- Review your monthly reconciliations and resolve any discrepancies.
- If your finances aren’t separated, review your personal bank account and credit card statements for any business expenses paid.
- Check for outstanding invoices for payables and receivables.
- Double-check that your payroll and expenses calculations are correct at year-end. Be sure to also keep track of all expense claims and ensure employees attach the correct receipts to their expense forms throughout the year.
- Make sure you verify the mailing address for all W2 employees and 1099 subcontractors by end of year, sometimes people move and forget to tell their employers. Check that you have all your records from vendors and contractors; W-9s, 1099s, and W-2s.
- Run year end reports for a clearer picture of your company’s financial health.
This time of year doesn’t have to be stressful. When you hire a professional at Wendy P Corp for bookkeeping services, we will make sure you have accurate, up-to-date financial records. Rather than waiting until year end, you will be able to make effective, timely business decisions throughout the year.