The end of the year is near and it’s time to close your books. Here is a simplified checklist we compiled together from some of the accounting experts.
- Reconcile your bank accounts and credit cards
- Review Profit and Loss statements
- Fill out IRS forms, Collect W-9s, Issue 1099s
- Prepare Records for local, state and federal payroll
- Add up your quarterly estimated tax payments for the year
- Gather and Organize Your Receipts
- Verify Accounts Receivable and Invoices
- Conduct an inventory assessment
As a bonus, you can review your goals for 2017 and create a budget for 2018.
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Sources:
https://quickbooks.intuit.com/r/accounting-taxes/checklist-for-the-end-of-your-small-business-fiscal-year/
https://www.xero.com/us/resources/small-business-guides/checklists/year-end/
https://gusto.com/framework/business-basics/checklist-how-to-get-your-accounting-ready-for-end-of-year/
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