Below is a guest blog post, from one of our Transaction Pro Partners, with some tasks you should consider doing now to make the first of the year run more smoothly. You should note that our Partners are also QuickBooks Pros so if you need help with QuickBooks or any accounting needs they are a great resource for your small business.
If you run a small business, the first of the year can get crazy busy. Especially, if you don’t have an accountant or staff to help you, or if you don’t have the right skill sets. It can all be overwhelming. But QuickBooks with Peak Advisers can get you prepared.
Top 9 must-do items for year-end preps
Get prepared now and check off these steps to ensure that you have a grip on a successful and responsible end to your fiscal year:
- Review your profit/loss statements to insure you have recorded your expenses and revenue correctly.
- Verify all vendor files. Do you have the correct address, do you have their EIN, have you determined if the vendor will receive a 1099 or not? If you haven’t previously done so, this year take advantage of Intuit’s or other electronic filing services for your 1099 filings.
- Inventory your raw and finished goods. Why wait until year-end? If you keep perpetual inventory records you should be able to make a count anytime.
- Make sure you know which benefits to report on your W-2s. Talk to your payroll provider now, not after year-end. If you are unhappy with your current payroll provider, it is not too late to make a change. QuickBooks full service and assisted payrolls have excellent ratings and will make your payroll easier to prepare.
- Create a budget for next year! If you don’t have a map how do you know where you are? Use the QuickBooks budgeting tool to compare actual-to-budget throughout 2017.
- After first day of new fiscal year: Print your end-of-year statements.
- Check your 2017 depreciation entries. Have you considered additions or retirements made this year?
- Reconcile all your accounts as of November 30, 2017. Don’t wait until year-end. Did you know you can use the reconciliation tool in QuickBooks to reconcile any balance sheet account?
- Discuss tax filing dates with your accountant before year-end.
Print and keep a version of this checklist to keep with notes for each of the nine steps above.
Please note: This checklist may not cover all aspects of your business, as every business is different. If you have any questions, please call Peak Advisers today at 303-801-4772 for a free consultation.