Is the thought of tax time stressing you out?
Kick off your year-end bookkeeping cleanup
It’s that time of the year. We all know that tax time can be a stressful time for small business owners but it doesn’t have to be. Let us clean-up and catch up your messy books.
Is the thought of tax time stressing you out?
Kick off your year-end bookkeeping cleanup
It’s that time of the year. We all know that tax time can be a stressful time for small business owners but it doesn’t have to be. Let us clean-up and catch up your messy books.
We are only accepting a limited number of year end clean-up clients so secure your spot now.
Year End Bookkeeping Checklist
- Gather all documentation: Receipts, bank statements, credit card statements, loan statements
- Reconcile all bank and credit card accounts removing uncleared or duplicate transactions.
- Reconcile all loan balances to match statements. Be sure to calculate interest expenses for each loan
- Make sure all accounts payable (invoices for money you owe) are entered and accounted for
- Anyone owe you money? If the work has been done, make sure the invoices are entered and accounted for
- Write off any receivables that you consider to be uncollectible
- Create a list of all business assets. Be sure to include purchase information so you can deduct for depreciation
- Review all of your personal bank accounts and credit cards. Small business owners are notorious for using personal accounts for business expenses. Don’t forget these as they can be significant
- Be sure to collect W9s for all vendors paid more than $600 during the year.
- Issue and report 1099s
- Be sure to take a physical inventory. You don’t want to miss out on any unaccounted for Cost of Goods Sold
- Prepare a Profit & Loss Statement and Balance Sheet for your Tax Preparer