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Year-end bookkeeping "to do's"

Time is flying and we all have that to-do list that we'd like to finish by the end of the year.

You have to shop around for those last minute gifts and need to clean the house before the guests arrive, but what about your business? Have you put thought into what tasks should be completed at the end of the year.

When it comes to your business, it's even more important for you to finalize certain things to ensure you are on track.


Here's CBAuthentix's Top 4 Year-End Bookkeeping To-Do's:


Reconcile your accounts

This is the most important task that business owner's neglect. Bank reconciliations ensure that everything is in tact. It gives you a clear outlook on what is going on in your business on a day to day basis.

Do you have certain transactions that did not go through properly? Any bounced checks or credit card fees you need to follow up on? Are there clients that you owe money or clients that still need to pay you? Do it now!

You also want to make sure you've entered all final transactions into your bookkeeping software and automation apps. If you also keep a paper tracker in addition to online tools, update and check off anything regarding your business so that everything matches.

Additionally, clearing up any miscommunications with clients or vendors ensures that you enter the New Year with ease.

Manage your 1099's

Stay on top of your independent contractors!

If you have not done so already, send out 1099s and W-9s. Monitor who has already submitted the necessary forms and follow up with those your have not received to ensure they meet the January 31st deadline. We suggest not paying an independent contractor until they have submitted a W-9 form back to you. This way all income is reported and you are entitled to take the proper deduction on your tax return.

Keep a list of this information and double-check all information that is filled out is accurate to avoid delaying the process. Check for accuracy and give your payroll representative a call. Over-communication is key, especially at this time of the year when it's easy for the logistics to get lost in the shuffle.

File all Sales Tax Returns

Plain and simple: make sure you file your sales tax returns for the year. Also, is important that you file all sales tax returns collected in December in the new year. Due dates will vary depending on the state to which you are registered to collect sales tax for.

New York 2018 Annual and Quarter 4 sales tax returns are due March 20, 2019. It gets tricky to decipher who and what is subject to sales tax. If you need help or have any questions to whether or not you should be registered and collecting sales tax, give us a call!

Evaluate how your business did in 2018

What better time to review your finances, profits, and losses than the end of the year?

Review you're the areas that you did well in for 2018 and assess where there is room for growth. Looking at your records at once gives you a better idea of what worked and what didn't work over the past year.

We are actively scheduling meetings with our business clients to evaluate how the year went and what strategies we can implement in 2019.

FINAL THOUGHTS

It's easy to put things off and say "I'll do this after the New Year". This is a typical response that I hear 75% of the time. But, don't wait, let's get ahead!

Being proactive and taking care of your business clean up now will have you feeling relieved. More importantly, it sets you up for a guaranteed jump-start into 2019.

Start the New Year with motivation and a clear vision to reach your goals! 

-CB

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