1. Review your Financials (Profit and Loss and Balance Sheet).
A Profit and Loss is a good way to see how your company performed for the year, it is important that this report is accurate and reconciled before sending to your Accountant for Tax Filings. An inaccurate Profit and Loss can either make or break you, having an inaccurate Profit and Loss can easily cause you to over pay Taxes!
2. Review and Organize Vendor and Lender Files (Receipts)
Making sure your Vendors bills, and bill payments are organized is crucial for Tax deductions. This also relates to your Profit and Loss, it is important that not only your Accounting System has every transaction allocated for digitally for reporting, you must also keep and organize your receipts backing up every transaction. if you need assistance with this contact a Professional Accounting Firm.
3. Review and Take Inventory
Over reporting or under reporting your Inventory can affect how much you pay in Taxes. With your staff do a an inventory count at year end and make sure your Accounting System matches with your new inventory count so your reporting matches your actual counts.
4. Prepare and Print W2s for Staff
Proper Payroll Reporting is not only crucial but it is mandatory that your staff receives their W2s. Without them your Staff can not file their personal taxes. If your Accounting Firm is not sending them to your Staff make sure you mail them out by January 31
5. Organize, Analyze and Maximize for the New Year
Improper Bookkeeping & Accounting can break your company instantly, organize as much as possible and if you need assistance contact a Professional Accounting Firm (like us! 🙂 ) and have them assist you organize your business to success.