As the year wraps up, taking a few proactive steps now can make a big difference in how smoothly you head into the new year. We recommend business owners consider the following before closing out the books:
- Make sure all bank and credit card accounts are reconciled so your numbers reflect reality
- Take a fresh look at income and expenses to catch miscategorized or missing items
- Confirm payroll and payroll tax filings are complete and accurate
- Review vendor payments and prepare for upcoming 1099s
- Follow up on outstanding invoices and unpaid bills to improve cash flow
- Check sales tax filings to avoid surprises later
- Review your profit & loss and balance sheet to understand how the year really performed
- Organize receipts and financial documents while everything is still fresh
- Plan a quick check-in with your bookkeeper or tax professional before year-end
Addressing these items now can help reduce stress, avoid last-minute issues, and set your business up for a confident start to the new year. Powers Bookkeeping is here to guide you through a smooth year-end close.
Contact us today!
(916) 302-9153
info@powersbookkeepingservice.com
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