December 1 2016
The holidays are upon us: we're planning travel and shopping lists, and for the business owners among us, we're busying ourselves with the end of the year accounting tasks. You'll want to make sure everything is in order for tax filing. Here's our checklist to get your company ready for 2017.
Get all of your payroll records in order for local, state, and federal payroll. Review all information on your current and past employees and make corrections now. Make certain you've accounted for all the taxes on any fringe benefits you offer. For contractors, make sure you have a W9 on file. Run an A/P report to see who you still owe and pay them in full by December 31.
Run your P&L and your balance sheet. Your profit and loss statement will tell you where your business stands for the year. If you experienced an increase in profit you weren't expecting, it may be a good time to purchase a new piece of equipment. Your CPA can help you decide. Review your income statement to determine your company's profitability. Run your cash flow report to see where your dollars went this year. An A/R report will show outstanding invoices you should collect on before the close of the year.
If you carry an inventory, now is the time to take stock and adjust any numbers. It will give you a clear idea of the capital you have invested in your stock.
Set an appointment to meet with your insurance provider to review your policies and coverage. This can also be a good time to shop around for better rates.
Find out the tax deadlines you need to know and mark your calendars. Set reminders on your phone two weeks out so you're not caught off guard.
Review your accounting software and systems:
Are you taking advantage of the advances in cloud accounting software and apps? You'll be able to access your data anywhere, even on vacation. Most can create the reports you need with the click of a button. We can help you decide what's best for your business.
Create a budget:
Don't start 2017 without one. Armed with the reports you've created and the year still fresh in your mind, you'll be better able to create an accurate budget that will guide you through the next year.
Review goals you set for 2016 and set new ones for 2017:
How did you do in 2016? Is there room for improvement for the new year? Reassess where you may have gotten off track and take the time to celebrate the targets you hit.
Book with your CPA:
Schedule your appointment with your CPA now before they get busy. They'll love you for it.
If this list looks daunting, we can help you cross off the items. We've helped hundreds of business owners ready themselves for the end of the year and plan the year ahead. Contact us for a free consultation.
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