SMB Accounting

?2024 has closed, Where is your Business? Business owners should take the opportunity to reflect on their progress as the new year begins, ensure compliance, and plan ahead. A solid year-end checklist can make all the difference in setting your business up for success in the new year. Here's a simple guide to help you wrap up your year on the right foot. 1. Review Financial Records Reconcile Accounts: Ensure that all bank and credit card accounts are reconciled with your accounting software. Double-check for any discrepancies and resolve them. Assess Profit and Loss: Look at your income and expense reports to evaluate your profitability. This can help you make strategic decisions for the coming year. Prepare for Taxes: Organize all your receipts, invoices, and financial statements. This will save you time and reduce stress during tax season. If needed, consult with an accountant to make sure you're taking advantage of all eligible deductions. 2. Check Inventory Levels Conduct an Inventory Audit: Review your stock to ensure you're not carrying excess inventory that could tie up cash flow. Update your inventory system and determine what needs to be replenished or discounted. Assess Supplier Relationships: Reflect on supplier performance and negotiate better terms if possible. 3. Evaluate Business Goals and Performance Reflect on Goals: Assess whether you met your business goals for the year. If not, analyze what held you back and decide to address it in the coming year. 4. Prepare for Tax Season Tax Documents: Collect and organize documents such as 1099 forms, W-2 forms for employees, yearend loan statements and any other relevant tax paperwork. Review Deductions: Identify potential tax deductions related to business expenses, including equipment purchases, home office deductions, and employee-related expenses. 5. Review Insurance and Legal Matters Insurance Coverage: Ensure your insurance policies are up to date. This includes health, liability, property, and worker’s compensation insurance. Legal Compliance: Check that all business licenses and permits are renewed for the upcoming year. Review contracts with employees and suppliers to ensure compliance. 6. Plan for 2025 with SMB Accounting, Inc. 404-910-3192

Ready to Launch your business to the next Level. Work with SMB Accounting for Financial Strategy Planning included in our Bookkeeping Packages for a short period of time now starting at $400 per month when engaged by January 10, 2025 Call us today at 404-910-3192 or email us at [email protected] # Bookkeeping # Financial Strategy # Forecasting # CPA

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Bench Accounting Shutdown Vancouver-based bookkeeping service Bench Accounting has announced its sudden closure, potentially putting hundreds of staff out of work.and as many small businesses without services Atlanta-based SMB Accounting can help! We work with small businesses across the U.S. [email protected] 404-910-3192 #bookkeeping #Bench

BOI Reporting, here we go again! BOI Reporting Injunction Lifted; FinCEN Extends Deadline to Jan. 13 FinCEN has extended the Jan. 1, 2025, deadline for most reporting companies to file beneficial ownership information reports with the Treasury Department until Jan. 13, 2025, after a federal court of appeals lifted an injunction on Dec. 23 that had halted the new law. Jason Bramwell

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Thanks to Intuit for being in Atlanta today and hearing our concerns and rolling out the QuickBooks Enterprise Suite for our Mid Market Clients. stay tuned to the AI Innovations within the Software that is coming from Forecasting to Task Management on a project basis and Industry level KPIs incorporated into the Dashboard as well as Intercompany automation. please be sure you are working with a Financial professional to get the most out of your Accounting Software SMB Accounting 404-910-3192 # Intuit #Quickbooks

Heads up! New reporting requirement Small Businesses created before or registered to do business as of December 31, 2023, have until January 1, 2025 to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN).Don’t wait to ask for assistance with your BOI reporting requirements. time is getting short and we all are getting busy