Year-End Accounting Checklist

Can you believe we have reached the end of the year? 2023 is about to begin and is full of new opportunities! Before we jump into the new year, it’s important to review this past one with a year-end account checklist. It’s time to make sure everything is organized and ready for the transition into the new year. Check out our year-end accounting checklist:

1. Gather and Analyze Financial Statements

   Gather your income statement, cash flow statement, and balance sheet to help you see where your business stands financially.

2. Collect past due invoices

   If you have outstanding invoices, give a gentle nudge to your clients through an invoice reminder.

3. Account for Inventory

   If you carry inventory, be sure you know where you stand for the new year, so you don’t end up with an abundance or empty shelves.

4. Organize Business receipts

   While it may feel tedious, this will save you lots of time later! Organize your receipts by type of expense and label them well.

5. Reconcile bank accounts and credit cards

   Match your bank and credit card statements to your accounting records to ensure nothing is missed or overcharged.

6. review accounts payable and receivable

   Ensure all debts and collections are settled to start the new year off right.

7. back up information

   Back up your information! Losing important financial information can create a huge problem. so take the extra time to back up all your documents.

8. get necessary documents ready

   Prepare for tax season by gathering and organizing all the necessary documents and hiring a professional to take care of it for you!

These 8 steps will help you end this year and start the next on the right foot. Give us a call if you need assistance or have any questions!

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