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As the year draws to a close, many business owners begin to panic after realizing how far behind they are in their company’s records. Using a year-end checklist can help keep your business on track and prevent last-minute stress just when you want to spend time with friends and family. In addition, a preliminary assessment of your finances at the end of the year will help you make better decisions and plan for the coming year. So start our year-end accounting checklist for small businesses today!
Best Bookkeeping For Small Business
Use the checklist below and continue reading for more information on each step in the checklist. Please feel free to share on your website or social media!
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See if you have good supplier accounts to see how much you still owe. Likewise, check outstanding customer invoices to determine what you owe and ensure payment has been received. Depending on your particular situation, you may want to push to collect open invoices or pay them off immediately before the end of the year.
Go through your books and double-check any transactions marked as expenses. If the benefit to your company lasts more than one year and costs at least $1,000, it should probably be classified as an asset. Before you begin, make sure you’re clear about how your company allocates expenses and assets, especially if you have a policy for purchases under $2,500.
Reconcile all of your company’s accounts to ensure their balances are accurate. This should include any company bank accounts, credit card accounts, payroll accounts, loans, lines of credit, and other business accounts you may have.
If you have payroll, make sure you have the information you need to fill out your W-2s for employees. In particular, make sure you have valid mailing addresses and tax IDs for each of your employees.
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If you hire the services of one or more independent contractors, you must decide whether or not you need to file Form 1099s for them. Any independent contractor that is not considered a corporation and paid (or will pay) at least $600 this year will require you to file a Form 1099-MISC. Fortunately, you can use information from contractors’ Form W-9s to fill out Form 1099s, so check your records to make sure you have the correct W-9s for contractors who need you to fill out 1099s. It’s January 31st, so start gathering this information before the end of the year to avoid any last-minute stress.
Check your inventory so you know exactly what’s still available. To ensure accuracy, you may want to physically assess your inventory rather than relying on past record keeping. Make any adjustments to your books so you can start the vacation season right with current records.
The final year-end accounting list should be used to plan for the new year. From finding ways to improve your cash flow to keeping better books and figuring out ways to grow your business, the best way to hit the ground running in the new year is to identify your challenges, set new goals, and outline the steps. You must take it to lead you to the path of success.
Overwhelmed by this list, or do you know what better books to read in 2019? Tower Books can help! We can have you for 2018 or we can start fresh in 2019. Contact us today to set up a free consultation and get started.
Free Small Business Bookkeeping Templates
Want to share this information? Just copy and paste the following code to embed the year-end accounting checklist on your website: We’ve rounded up 23 top accounting templates for small business owners. Each template is downloadable, printable, and fully customizable to meet your business needs.
On this page, you will find many accounting templates, including a cash book template, a business expense spreadsheet, a statement of account template, and an income statement template.
Record debit and credit transactions in this two-column cashbook template to keep track of your cash balance. Enter the date, description and amount for each transaction and the template will calculate the subtotal and total cash balance.
Use this balance sheet template to report your business assets, liabilities, and equity. The template calculates common financial ratios such as working capital and debt-to-equity ratio. Edit the example line items to list all of your current and long-term assets and liabilities, and view subtotals for each section and column.
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This trial balance compares the beginning and ending balances on each of your financial accounts based on debit and credit transactions during a specific period of time. The template calculates the total balance and total variances across all accounts. Customize tag titles and categories as needed to reflect your unique business.
. If you’re self-employed, include home office expenses and other deductions that can help save time during tax season. The template keeps track of total costs by adjusting the total with each new entry.
Save time with this basic invoice template. Customize with logo and business details and enter invoice number, date, customer ID number and payment terms for each invoice. Fill in the list of payments made and adjust the tax percentage to calculate the total amount paid.
Keep track of all your invoices with this simple spreadsheet. List each invoice with ID number, date, customer name, description and amount. When you receive a bill, add the payment date. The template provides a grand total every time you enter a new invoice and calculates the total invoice to date.
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This statement of account template shows all financial transactions that occurred between your business and a customer during a specific period of time. The template provides an account summary including the customer’s past balance, credits, current payments, balance paid, and due date. Customers receive a detailed list of payments and credits, including invoice numbers, dates and amounts.
Track your current inventory cost and determine the cost of your items to sell with this inventory tracking template. List physical inventory by item number, name, description, type, and location, and record purchases, including purchase dates, vendors, and prices. Compare items sold to monthly sales figures to make sure your inventory tracking sheet matches actual sales.
This template includes a ledger for tracking customer payments and an aging account for tracking outstanding payments. The template will automatically populate the invoices old sheet after you fill in the payment record. Add invoice terms, amounts, and payments to view current and overdue accounts.
This accounts payable template helps you track the money your business has for suppliers. List balances due, payments made, and vendor names, invoice numbers, and amounts. The template subtracts payments to show a running bill for each line item and shows the total amount due to all vendors at the top of the sheet.
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This basic cash flow statement tracks the movement of cash into and out of your business and compares financial information over time periods. The example template lists receipts, payments, operating expenses, and additional expenses. Use this template to review each item and determine the total month-end cash position for each period.
Create a detailed report showing quarterly cash flow forecasts. This template allows you to track the difference between your planned and actual cash position each month and calculates total cash payments and net cash change.
This simple yet comprehensive template allows you to create a 12-month cash flow forecast for your small business. The spreadsheet includes monthly columns to record forecast and actual cash flow. List paid bills and cash to see your projected and actual cash position each month.
Review income, expenses, and net income before and after taxes with this income statement template. The template takes into account all sources of income and business expenses when calculating net income. Examples of revenue sources include sales, services rendered, and interest. Business expenses include advertising, office supplies, insurance, utilities, and depreciation.
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This profit and loss dashboard template provides a visual representation of financial information, including total business revenue, cost of goods sold, gross profit, earnings before interest and taxes, and net income. Get a snapshot of your monthly profit and loss report by entering your financial information and selecting the month you want to view in the dashboard.
Record debit and credit transactions and accounts for multiple accounts in this ledger template. Edit a list of account descriptions and codes to match your business accounts. The template includes space to record a trial balance, adjusting entries, an adjusted trial balance, an income statement, and a balance for each account.
Track business expenses like transportation, entertainment, lodging, and meals with this expense report template. Specify the time frame at the top of the spreadsheet and list all expenses for each transaction date. The template provides space to add notes or specifications as needed.
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