Accounting Tasks to Wrap Up the Year

With the end of the year upon us, there are 5 accounting tasks you need to make sure that you complete. This will allow you to go into the new year with books that are organized and up to date, which is going to, in turn, set you up for better success.

The first task to accomplish is to organize and collect financial statements. Not only do they allow you to see where your business stands currently financially, but they also allow you to see both past and current finances of your business, so that you can better plan for the new year.

Secondly, you need to make sure all invoicing is complete. To wrap up your books for the year, you need to try to collect the money that customers may still owe you. This will require reaching out and reminding clients.

The third thing to accomplish is to organize expenses and business receipts. Not organizing receipts and expensive can put you at risk for inaccurate or messy books, which can lead to even greater issues.

Evaluating your inventory is the fourth task. It is imperative to get an accurate count of materials if your business has inventory. Not doing so could result in expired goods or empty shelves. It can also help you better plan for inventory the next year.

The fifth task is simply to have the necessary documents ready for your accountant. Getting these documents together before the end of the year will make going into the new year simple and straightforward.