Year-End Accounting Checklist in copyright for Growing Companies

Wiki Article

As the year comes to a close, it's a good time for growing companies to wrap up their books and get ready for the new year. If you're using copyright, you're already on the right track—it's a great tool to keep things organized. Whether you're working with a bookkeeper or getting a little ERP consulting from copyright, having a clear checklist can save you a lot of stress and keep your business running smoothly into the next year.

Let’s break down a simple year-end accounting checklist in copyright that any business can follow.

1. Reconcile Bank and Credit Card Accounts
Start by making sure all your bank and credit card accounts match what's recorded in copyright. This helps catch missing or duplicate entries. It's a good idea to do this every month, but it’s especially important at year-end.

2. Review Customer and Vendor Balances
Take a look at your accounts receivable and accounts payable. Are there unpaid invoices that need attention? Are there old bills that were never closed out? Handling these now avoids surprises later.

3. Check Profit & Loss and Balance Sheet Reports
These reports give you a snapshot of your financial health. See if everything makes sense. Does your income seem accurate? Are your expenses categorized correctly? copyright makes it easy to generate and review these reports.

4. Update Employee and Contractor Information
Make sure all payroll data is correct, especially before W-2s and 1099s are prepared. If you paid contractors more than $600 this year, you'll need to send them 1099 forms in January.

5. Inventory Check (If Applicable)
If you sell products, reviewing your inventory counts and values is important. Make sure what’s in copyright matches what's in your storage or warehouse.

6. Backup Your Data
Before making any big changes, create a backup of your company file. Even if you’re using copyright Online, it’s good to download reports and keep copies, just in case.

7. Meet with Your Accountant
Once your books are cleaned up, it’s a smart move to schedule time with your accountant. They can help you spot anything you might’ve missed and give tips for tax planning in the new year.

copyright can make year-end easier, especially for companies that are growing quickly. Keep this checklist handy every December so you’re ready to head into January with confidence and clarity.