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9 Tips for Small Business Year-End Accounting

Thursday, September 22, 2022 1:33

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Yes, the rest of this month is perfect to take stock of your business accounting.

If you’re a small business—yes, that means you, my fellow authors—now is the time to make sure your financial papers are in order.

Image: Calculator Calculation Courtesy of Steve Buissinne from Pixabay

The year end tango with the IRS or whatever income taxing authority governs you is just around the corner.

Whether you do your taxes yourself or use a CPA, you should have all of your ducks in a row and quacking in unison.

That way your business accounting won’t get lost in the holiday rush that begins next month.

9 Tips for Year-End Accounting

(1) Reconcile all of your bank statements and file them where you can easily access them.

(2) Ensure business expenses listed on credit card statements have been posted to the correct expense accounts.

(3) Be sure your revenue has been recorded and posted to the correct income accounts.

(4) File all receipts correctly so you can pull them in case you’re audited.

(5) If you’re unlucky enough to have business loans, make sure all payments have been processed and recorded correctly0

(6) If you have accounts receivables, collect the revenue owed you. If accounts are past due, make it a priority now to collect them.

(7) If you have outstanding bills, pay now so you can deduct it for 2022.

(8) Do a quick preliminary forecast of taxes you may owe. Better to know now and tighten your belt a bit in case you’ll have to pay more than you bargained for.

(9) Most importantly, make sure your accounting is posted in a spreadsheet or even an accounting ledger if you’re still doing it old school.

Only with hard data can see what worked and didn’t work for you in 2022, how much it cost to promote your product, what the return on that was, and what changes you may need to make in 2023.

If you’re intimidated by math or just starting out and don’t know about business accounting, here is an excellent guide to de-mystify the whole thing: Accounting QuickStart Guide: The Simplified Beginner’s Guide.

FYI: This guide has 942 reviews averaging 4.5 out of 5 stars.

Takeaway Truth

A little organization and planning now saves hours of time, frustration, and money.

Joan Reeves aka SlingWords: The Word Slinging Adventures of Joan Reeves

Source: https://slingwords.blogspot.com/2022/09/9-tips-for-small-business-year-end-accounting.html

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