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I can’t believe how time flies. Year end is just around the corner and I am sure all of you business owners are diligently preparing your books and getting ready to hand them off to your tax preparer! Well just in case you are not quite prepared for year end maybe this will help. Here are some tips to get you ready ahead of time, so that you won’t be scrambling last minute to get your books in order.

  1. Review your financial statements. Do the numbers look correct and do they make sense?
  2. Make sure all bank, credit card, and loan accounts are reconciled up to date.Make sure all of your vendor and employee information is correct and current. This includes addresses and tax ID numbers for vendors that are eligible for 1099’s.
  3. Order any forms you might need for year end such as 1099’s and W-2’s.
  4. Most importantly, make a file for all year end document’s. These include 1099’s, W-2’s, year end mortgage and loan statements, closing documents, quarterly payroll tax reports, copies of invoices for fixed asset purchases and any other back up you have for balance sheet accounts. These are item’s that tax preparer’s will need and it will be much easier on you if you have them all in one place.

Hope these tips help you prepare for this coming year end. Of course if you don’t have time yourself this holiday season to get ready for year end, please contact a qualified bookkeeper to help you with these matters.

Thanks

Cynthia Johnson
Better Bookkeeping