A Fiscal Year-End Checklist To Cross Off!

At Spickerman Bookkeeping, I understand that the end of the year is a busy time for businesses. And if you’re like most business owners, you’re probably scrambling to get the end-of-year accounting procedures, sales, and payroll tasks complete which can be quite challenging. But with a little preparation, you can handle your year-end processes quickly and easily.

As an expert in bookkeeping, I’ve created a handy checklist to help you complete your year-end task with as little stress as possible. Follow my year-end checklist accurately so that you are ready for a smooth transition into the new year.

1. All balance sheet accounts should be reconciled. Bank accounts, credit card accounts, loan liability accounts, accounts receivable and payable, payroll liability accounts.

2. Review any major assets that were purchased throughout the year and have all documentation ready and available for the tax preparer.

3. Make any large purchase that is financially feasible to lower your taxes. Pay all current year accounts payable or get them all accounted for in some fashion.

4. Payout any yearly bonuses.

5. Check for any bad debt accounts that may need writing off as uncollectible.

6. A physical count will be needed if you have an inventory.

7. Small businesses tracking mileage should have all mileage sheets organized and available for the tax preparer.

8. Make sure to review all financial statements for accuracy.

9. Call and schedule your appointment with your tax preparer.

10. Finally, complete your taxes, make any necessary adjusting entries, and close the books!

If you need help to get your year-end processes complete or you’re looking for a bookkeeping service to assist you with your books, then reach out to the expert at Spickerman Bookkeeping serving across the USA. I offer virtual bookkeeping services for small to medium service businesses. I have over fifteen years of experience, and I’m focused on providing my clients with all the necessary information they need to be profitable in their industry.

To learn more about my services, please click here. Have a question? I’d love to hear from you. Contact me here.