Are Your Books Ready for Year-End?

Have you ever reached December and realized your books are a few months behind? Year-end feels like a steep climb when that happens. It is a lot flatter when you check the trail a little at a time. Here is a checklist to walk through now, while you still have time.

This is the "Integrate" step of the CLIMB framework: building a strong financial foundation so your numbers can support your decisions.

1. Every account is connected.

Look at your bank accounts, credit cards and loan accounts. Is each one feeding into QuickBooks Online? A missing account means missing transactions.

2. Your accounts match your statements.

Compare the ending balance in QuickBooks with the ending balance on your latest statement for each account. If they don't match, find out why before the year closes.

3. No transactions are left uncategorized.

Clear out anything sitting in "uncategorized" or "ask my accountant." Those items make your profit and loss report less accurate.

4. Receipts and documents are gathered.

Collect what is missing for larger or unusual purchases, so you aren't hunting for paperwork in January.

5. Contractor information is on file.

Make sure you have a W-9 for each contractor you paid. Ask your tax preparer whether you need to file 1099s and what the rules are for your business.

6. Payroll agrees with your books.

If you run payroll, the payroll provider's reports should line up with what is recorded in QuickBooks.

7. Owner pay is recorded the right way.

Check that owner draws or distributions are recorded as such, not as business expenses.

8. You have talked to your tax preparer.

Ask what they need from you and by when. Use their dates, not ours.

Not sure where you stand?

Apex Advantage Bookkeeping keeps your books clean and ready to hand off to your tax preparer. Let's CLIMB higher together.