Organize financial records & reconcile accounts
- Gather receipts, invoices, bank statements, and financial records.
- Reconcile bank and credit card statements to ensure all records match your financial institutions' statements.
Review income, expenses, and update books
- Analyse income and expenses for the year and look for trends and unexpected costs for potential savings.
- Ensure all transactions are accurately recorded and up to date. Double-check entries for any missing or incorrect data.
Inventory assessment & accounts review
- Conduct a physical inventory count and adjust records as needed. This will help with accurate financial reporting.
- Check accounts payable/receivable for outstanding invoices and settle any unpaid bills.
Financial statements & tax preparation
- Analyse profit & loss statement, balance sheet, and cash flow statements to review financial health
- Gather necessary documents for tax preparation like W-2s, 1099s and other tax forms.
Plan ahead & streamline processes
- Discuss year-end strategies, deductions, and tax planning for the upcoming year.
- Define financial goals for next year - boost revenue, cut costs, or invest in growth.
- Using accounting software is the way to go for streamlined processes.
- Educate your team on best practices and updated procedures.