As another year comes to a close, anxiety levels are likely at an all-time high for small business owners. It’s that time of the year again to spend countless hours getting your accounting records updated and organized for your tax accountant.
Although you know you “should” stay on top of this through-out the year, you were busy doing what you do best: selling, marketing & advertising, managing staff, delivering a service, GROWING YOUR BUSINESS! We get it. Ready to get started? Here is a checklist to help you get organized.
Post all transactions in accounting software
Make sure to categorize all income and expenses appropriately
Reconcile bank and credit cards to ensure nothing was missed
Review any uncleared transactions and undeposited funds
Review balance sheet and income statement
Gather and organize all receipts
Verify employee data for W-2’s
Calculate business deductions (review miles driven, travel expenses, home office purchases, etc.)
Prep for 1099’s (verify contractor information such as name, address & EIN or SSN for any that were paid $600 or more during the year)
Take physical inventory
Contact and setup a meeting with your tax accountant
Set financial goals for next year
Ready to throw in the towel and have a professional take care of this for you? Contact UltraPrecise Bookkeeping today to learn how we can help.