Wrapping Up The Year In Your Business

Written by Stephanie Parris, Accountant

Stephanie Parris has a Masters’ Degree, in Accounting and Financial Management. She writes about accounting and business for today’s world. She has extensive knowledge of the non-profit, construction, real estate and service industries which she serves.

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As we work to finalize financials and prepare for year-end taxes, I created a checklist to help other small business owners. If you follow the list below, your accountant will thank you and your tax preparation/planning should go smoother.

As you grow your business, consider implementing the same checklist on a monthly basis to ensure you have accurate and timely financial reports to grow and scale with.

Small Business End of Year Checklist

Accounting – Financial

1.Run your balance sheet for the whole year

• Ensure nothing is in the open balance equity account

• Make sure you do not have negative assets (except accumulated depreciation) or negative liabilities
  

2. Run your profit and loss but run it by month, not total

• Make sure you have rent and utilities and other recurring activity in every month

• Make sure your revenue is not negative

• You should not have negative income accounts (unless it is a discount) or negative expense accounts

• Make sure loan payments are not directly hitting the P&L. Only the interest portion should hit here
  

3. Verify vendor information

• Make sure addresses are up to date

• Make sure W9’s are on file

4. Review Accounts Receivable

• Make sure there are no negative accounts

• Determine what may not be collectible

5. Review Accounts Payable

• Make sure there are no negative accounts

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Information Technology

1. Backup your computer and your contacts

2. Download important files and reports to store in a cloud system i.e. Google Drive

3. Make sure your reports and files are named appropriately

General Business

1. Review insurance policies, don’t be afraid to get a second opinion

2. Do an inventory count of business equipment as well as goods/materials

3. Review your policies and procedures

4. Review your website, make necessary updates

Plan Ahead

1. Look at prior year data and set a budget

2. Set revenue goals and targets

3. Plan out goals for the coming year and how you will track them

4. Talk to your accountant/tax preparer for tax planning as you accomplish these goals

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Stephanie Parris, Accountant

Stephanie Parris has a Masters’ Degree, in Accounting and Financial Management. She writes about accounting and business for today’s world. She has extensive knowledge of the non-profit, construction, real estate and service industries which she serves. Stephanie has become a leading expert in QuickBooks as well as outsourced accounting services. Stephanie lives in Missouri and volunteers and cooks for her local rescue mission, serves with Made to Serve as well as Race for Rett, mentors local female high school students, has a passion for wine and cooking, and loves spending time with her family and close friends.