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End of Year Bookkeeping Tips

Amanda McCormick • Dec 03, 2023

 Christmas is almost here!! …. yep, and so is YEAR END!


In regard to your business, what do those words make you feel?

·       Excited to start the new year and get new goals in place and plans in motion?

·       Filled with dread knowing tax time is coming?

·       Wondering what you should be doing to prepare for year end?


Here are 3 things to do before the end of the year to be prepared! 

 

1. Get ready for 1099s and W2s!

  Gather your list and check it twice! If you paid someone $600 or more for services this year, be ready to send them a 1099. Check to make sure you have their updated information and a current Certificate of Insurance showing their liability and work comp limits.

For employees, they are going to be eager for those W2s ASAP. If you can, send out a reminder asking them to update their address if there’s been any changes especially if you send out paper copies.


2. Take the first look at your year in review. Pull your financial statements. You want to look at your  Income Statement (aka Profit & Loss), Balance Sheet AND Statement of Cashflow. What does it look your bottom dollar will end up? Do you like what you see? If you’re sitting pretty comfortably in the black, take a look around and consider upgrading or replacing any aging assets or office equipment that gave you a headache all year. If you haven’t already, reach out to your tax accountant for some last-minute tax strategy!


3. CELEBRATE your wins & learn from your losses. Take a moment to recognize all the hard work you put in this year and the progress you have made! What goals did you hit? Where did you fall short? Evaluate and learn so that next year can be even better!


  Blocking out a couple of hours to do this before the end of the year will help you to be more informed about your business and prepared for what’s ahead!


  Need help reviewing your numbers or pulling your information together? Book a complimentary introductory call with me now so that we can create a game plan for you!


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