Tips to Prepare for Year-End Financial Close

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Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

A lot of things happened this year and finally, the long-awaited year-end is here. We know most of us want to leave this year behind, but make sure you still do all the year-end stuff.

To help you prepare, here are some year-end tips:

 

  • Don’t Wait Until the Last Minute

Tips to Prepare for Year-End Financial Close

Back when we are still in school, I think most of us at one point is guilty of procrastinating – probably in the form of writing a paper due tomorrow or only studying extensively for a test the night before. While we may have pulled this off before, this is a big no-no now that we are handling our businesses. Doing all business tasks especially organizing books and taxes cannot be done in one night, even if you pull an all-nighter so don’t wait to do them until the last minute.

Be sure to prepare early. Create a checklist of things you need to do before this year ends.

 

  • Gather All Your Financial Statements, Records, and Receipts

Tips to Prepare for Year-End Financial Close

Your complete financial statements, invoices, checks, and every other record related to your business financials this year should be gathered and organized properly. As the year ends, make it your goal to have all the necessary documents you will need to close your books and be prepared for taxes next year.

If your business is paperless and all documents are online, make sure you keep them in one safe and secured cloud platform and if you have physical documents, it is a good idea to make digital copies of them for back-up purposes.

Having these documents and knowing they are properly organized will greatly help you during the tax season next year and you will be able to avoid the much-dreaded tax stress.

 

  • Deal with Errors and Difficulties Immediately

Tips to Prepare for Year-End Financial Close

There might be times that you discover that an important document is missing or there is an error with a piece of critical information in your books. It would be easy to think to tackle the problem later, thinking you may have ample time, but it is better to deal with them head-on. This is where it is good to consider hiring bookkeepers or tax professionals to help you.

A qualified Enrolled Agent will give you peace of mind that your taxes are being handled properly, so if that is something you want, time to decide is now. Like a CPA, an Enrolled Agent is qualified to prepare and file your income tax return.  Refer to the chart below on the similarities and differences of EA and CPA.

 

 

It really has been a tough year but we need to make sure we still close this year properly. Here are our cheers to the new hopeful year!

If you need assistance with your financials and tax preparation, let us help you! Contact us at admin@fas-accountingsolutions.com or at 713-855-8035.

Tips to Prepare for Year-End Financial Close

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