Are Your Business Finances Ready for Year-End?
In today’s newsletter:
• End-of-year prep is crucial: It ensures your books are accurate and ready for tax season.
• Consistency saves time: Use tools and systems to organize receipts, track cash expenses, and reconcile accounts.
• Most Important of all – Visibility matters: Clean financial records provide insights into the health of your business and support better decision-making.
As we approach the end of the year, organizing your financial records does more than just prepare you for taxes. It provides clarity about your business’s performance, allowing you to spot opportunities for growth or areas that need adjustment. Reviewing key areas such as accounts receivable, inventory, and liabilities ensures you’re making informed decisions for the year ahead.
Here’s why year-end bookkeeping matters:
• Clean Financial Reports: Gain insights into the health of your business and make smarter decisions for the year ahead.
• Streamlined Tax Prep: Stay organized and ready to provide accurate information to your accountant.
• Bonus: Giving your CPA clean financial statements can significantly reduce your tax accountant’s bill and put more money in your pocket; PLUS, your tax accountant is enabled to focus more on what they do best – determining the best strategy for reducing your tax liability.
Key Steps for Year-End Prep
From reconciling accounts to organizing receipts, our Year-End Financial Reporting Checklist has you covered. I’ve attached the checklist to this email, but here’s a sneak peek:
• Reconcile Accounts: Checking, savings, credit cards, and loans to ensure accuracy.
• Document Large Purchases: Keep records of any equipment or assets bought this year.
• Review Accounts Receivable: Identify overdue invoices and decide whether to collect or write them off.
• Adjust Inventory: Make sure your books reflect your actual stock levels after accounting for loss or damage.
Need Help Cleaning Up Your QuickBooks?
We’re here to make year-end easier for you. If you need assistance organizing your books or preparing for tax season, give us a call at 816-500-5779 or use the link below to set up a free strategy session. Together, we’ll ensure your business is ready to shine in the new year.
Adam Litster
Certified Profit First Professional and Pumpkin Plan Strategist
(816) 500-5779
adam@betterbizinfo.com
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