"Year-End Bookkeeping Checklist"

1. Reconcile All Bank Accounts: Confirm that your business’s bank account balances match those reported in your bookkeeping system. Reconciling helps identify any discrepancies, unrecorded transactions, or errors.

2. Review Accounts Receivable: Check outstanding invoices and follow up on any overdue payments. Ensure all payments received are accurately recorded and that your accounts receivable are up-to-date.

3. Analyze Accounts Payable: Review your accounts payable to ensure all bills and invoices have been accounted for and recorded. This is also a good time to clear any outstanding payables to start the new year afresh.

4. Inventory Management: If your business holds inventory, conduct a year-end count. Update your records to reflect the accurate inventory levels and assess any inventory obsolescence.

5. Record Year-End Journal Entries: Make necessary year-end adjustments such as depreciation, amortization, prepaid expenses, and accrued expenses. These entries ensure that your financial statements reflect the true financial position of your business.

6. Review Payroll Records: Ensure all payroll transactions have been accurately recorded. Verify employee information, including year-end bonuses and benefits, and prepare for W-2 and 1099 reporting.

7. Verify Vendor and Contractor Information: For accurate 1099 reporting, confirm that you have the correct information (like addresses and Taxpayer Identification Numbers) for all your vendors and contractors.

8. Prepare and Review Financial Statements: Generate key financial reports – Balance Sheet, Profit & Loss Statement, and Cash Flow Statement. Review these reports for accuracy and to gain insights into your business’s financial health.

9. Assess Fixed Assets and Depreciation: Review your fixed assets and ensure proper recording of any new assets purchased during the year. Calculate and record depreciation for the year.

10. Evaluate Your Bookkeeping System: Reflect on the efficiency and effectiveness of your current bookkeeping practices. Consider whether upgrades or changes are needed for the coming year.

11. Tax Planning and Preparation: Gather and organize all necessary documents for tax filing. Consult with your accountant or tax advisor to discuss tax planning strategies and ensure compliance with tax regulations.

#bookkeeping #bookkeeper #bookkeepingservices #accountingsoftware #quickbooks #quickbooksonline #xero #xeroaccounting?

#wave #freshbook #cloudaccounting #propertybusiness #realestatebusiness #ecommercebusiness #lawfirm #smallbusiness?

#mediumbusiness #restaurantbusiness #healthcare #construction?

#consultancy #fiverr #fiverrseller #fiverrfreelancer #upwork #upworkfreelancer