As the year ends there are a lot of things to wrap up when it comes to your finances and your bookkeeping. The end of the year can be a busy time and your finances can add a lot of additional stress. Here is a year end accounting checklist to make sure you have all your needs taken care of.
Create and Send Invoices
One of the most important aspects of closing out your year includes recording income and expenses. You want to be sure that you have invoiced all your customers. If there is a customer who isn’t paying their invoice send reminders to be sure you get the invoices paid.
It is a good idea to keep track of all your expenses throughout the year but if you have fallen behind now is a great time to catch up. Make sure that all your expenses are accounted for. This will help you find all the tax-deductible expenses your business qualifies for.
Pay Bills and Contractors
Before the year ends you want to be sure all your bills are paid and that you have paid your contractors before the year ends. This is helpful because then you are not starting a new year with unpaid bills or needing to pay contractors.
Gather Your Financial Statements
Your financial statements are a crucial part of your business. They tell you where your business is financially. Financial statements allow you to see the past and current finances of your company. You are then able to estimate where your business will be in the future and be able to plan for the new year.
Plan for the New Year
Making a plan for the following year can allow you to set goals for your company and get your employees on board. Look back on the year before and see what is working and is not working. Use this time to look back on your records and make sure you know where you can spend more money and where you can save money. This is a great time to set up a budget for your company and to get your finances organized.
If you need help completing these end of the year accounting checklist tasks, contact Harvest Tax & Accounting today. We are a team ready to help you! We want to make your life easier during this holiday season and the end of the year! Contact us today to get started.