{"id":191,"date":"2015-12-08T20:27:47","date_gmt":"2015-12-08T20:27:47","guid":{"rendered":"https:\/\/directcpa.com\/?p=191"},"modified":"2016-04-26T11:40:24","modified_gmt":"2016-04-26T11:40:24","slug":"its-time-to-prep-your-bookkeeping-for-the-end-of-the-year","status":"publish","type":"post","link":"https:\/\/directcpa.com\/es\/its-time-to-prep-your-bookkeeping-for-the-end-of-the-year\/","title":{"rendered":"It\u2019s Time to Prep Your Bookkeeping for the End of the Year"},"content":{"rendered":"

\"1\"As the year comes to a close, and small businesses wrap up their budget planning for the next 12 months, taxes are often the next big task on small business owners\u2019 horizons. But there is a crucial step to remember before putting the 2015 accounts to rest (one that will make tax planning infinitely easier): Complete the year-end bookkeeping checklist. <\/p>\n

Working through each of these important financial-cleanup tasks is important for getting a business\u2019s records in prime shape for tax season and for ensuring the entity is in good financial standing. So in between holiday vacations and the Black Friday-Cyber Monday sales madness, be sure to set aside some time to prep the books.<\/p>\n

Reconcile the Books,<\/b><\/p>\n

Ask any bookkeeping pro or tax professional and they will agree: Priority number one is to reconcile the business\u2019s bank statements, credit card accounts, loans, and payroll liabilities with the balance sheet. (Accounting software programs like QuickBooks usually offer an automated way to complete this process.) This exercise provides the opportunity to track down outstanding checks or missing deposits and make sure all cash is accounted for before turning the books over to the accountant.<\/p>\n

Clean Up the Accounts<\/b><\/p>\n

The end of the year is the time to clean up your accounts receivable and payable and to review all accounts for any transactions that might be misclassified. For example, you might have outstanding debts that it\u2019s unlikely you\u2019ll ever collect; write them off as bad debts. Or you might have a substantial fixed-asset charge for equipment you purchased posted in a receivable account; reclassify it so it\u2019s reflected in the correct place. <\/p>\n

Speaking of fixed assets, make sure to account for any items you\u2019ve sold or retired in the course of the year. Take final stock of your inventory and update the inventory account to be as current as possible.<\/p>\n

Organize 1099s<\/b><\/p>\n

To ward off major snafus in January, when 1099-MISC forms are due to your independent contractors for the upcoming tax deadline, it is a smart practice to get your information in order before the new year. Vendors need to complete a W-9 form before they can receive their 1099; end-of-the-year tidying up provides an opportunity to track down any missing forms and get the updated information into the system.<\/p>\n

Conduct an Official Review<\/b><\/p>\n

Once the books are in good shape, business owners should sit down with their accounting or tax professional and do an end-of-the-year review. This provides the opportunity to make any changes that could yield big tax advantages before the new year officially begins. Plus, the accountant will provide an estimated tax liability, which is beneficial to have in advance of tax season\u2014whether you owe more or not.<\/p>\n","protected":false},"excerpt":{"rendered":"

As the year comes to a close, and small businesses wrap up their budget planning for the next 12 months, taxes are often the next big task on small business owners\u2019 horizons. But there is a crucial step to remember before putting the 2015 accounts to rest (one that will make tax planning infinitely easier): Complete the year-end bookkeeping checklist.
\nWorking through each of these imp <\/p>\n

Leer m\u00e1s \u203a<\/a><\/div>\n

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