October represents turning leaves, cooler days, Halloween candy, and from a small business owner’s perspective…time to close the books.
If you are already a valued customer of ours, we’ve got you covered. If you are a small business owner still struggling with a manual accounting system or outdated accounting software, we’d offer a few October suggestions…
Bring in those end-of-year receivables
It’s rare that a business gets to the end of year without having some outstanding invoices. Especially if you aren’t using invoicing software, there’s a tendency to forget to collect or write off those “no pay / slow pay” customers, so it’s time to be sure every dime is collected and accounted for.
Gather and organize receipts
Hopefully you were not using the proverbial shoebox and can deliver your accountant a list of receipts from a software solution that syncs with your credit card and/or bank account.
Review the year’s P&L
This statement is a 30,000-foot view of how you’re spending your money and managing your expenses. Only when you honestly assess your business’s financial strengths and weaknesses can you make wise decisions for the coming year.
Make a payroll checklist
If you’re worried about withholding taxes for fringe benefits, deferred compensation or end-of-year bonuses, you want to prepare a checklist to be sure taxes and employee-related issues are in order.
Take physical inventory
If your business requires inventory, take an accurate count, match it with your year end balance sheet, and record money spent on inventory with current value.
The U.S. Tax Code is complex and challenging. It’s always changing. We can help you keep your books in good order and make tax season a breeze.
When Halloween comes around, at least at the office you won’t feel spooked by year-end tasks. If you are one of our valued clients, thank you for your business! Feel free to forward this to a fellow business owner who might be able to use our expertise. Happy Halloween!