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Blog

Year End Tips for Bookkeepers

Posted: Dec 22, 2015
Categories: Blog Posts
Comments: 0

Closing out the year strong

The end of the year is fast approaching! Hopefully you have taken the necessary steps needed to close out the year by now, but if not, we can help with these tips on wrapping up the year with ease.

By taking the time to consider these highlighted points, you can save your business time and money down the road!

  • Bank Reconciliations: Make sure that all your bank balances reconcile to your bank statements. In a perfect world, bank reconciliations have been performed monthly and your accounts are in good shape for the year. By reconciling your bank statements on a monthly basis, it will make year-end close a much less daunting task, and can help to bring to light items that may not have been recorded. This is also a good way to catch errors that could have been made when transactions were entered.

  • Invoicing: Make sure that all invoicing for work performed are recorded.

  • A/R: Always follow up with any clients who have an outstanding balance. You should also consider any accounts receivables that need to be written off to bad debt.

  • Fixed Assets: Has there been a change in fixed assets? Did you or your company sell or dispose of any assests during the year? If you did, you will need to make sure that the sale or disposal of any fixed assets are reported on your company’s balance sheet.

  • A/P and Out-of-Pocket Expenses: Make sure that all business expenses (cell phone, internet, mileage) and accounts payables have been recorded (401(k), SEP IRA, and Simple IRA contributions).

  • Loans: Verify that your notes payable amounts match loan statements. Were any loans paid off this year? Were there any loans added?

  • Vendors and Contractors: Be sure that you have collected W-9’s for all your vendors and contractors who were paid $600 or more for the year, and don’t forget that 1099’s are due on January 31st.

  • Payroll Tax: Make sure that payroll tax liabilities match quarterly payroll returns.

  • Review your P&L: Review your Profit and Loss Statement for anything that looks out of the ordinary.

  • Back-up: Save a back-up file to an external source should something happen to your system. Wouldn’t you hate for all work to suddenly be gone?

     

  • Budget: Now that you have prepared all of your records for year-end close, you can use them to help create your budget for 2016. Along with estimating your income each month, you should also plan for tax payments throughout the year and any large expenses you foresee in the coming year.

 

And finally, you can always contact our qualified bookkeepers for help! Happy year end!

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