The Year End Close - How Do I Get There?

Year end is a time for reflection and planning. It’s a time to think about the future and how to proceed with the business in the coming year.

The first thing small businesses should do is to organize their finances. The balance sheet close is an important part of that process and it should be done as soon as possible.

Having a checklist of tasks along with a clear path to the backup for your ending numbers is crucial to the successful close of your balance sheet. Your checklist should include some of what you should do before year-end, what you should do after year-end, and in between.

Examples include:

· Match all bank transactions

· Reconcile checking, savings, and credit card accounts

· Post and classify all revenue

· Ensure all expenses are posted and classified

· Reconcile accounts receivable and accounts payable

· Reconcile any loan accounts and record interest expenses

· Record deprecation and reconcile fixed asset accounts

· Accrue payroll and other liabilities

· File, pay and balance sales tax

These tasks may seem tedious and time consuming but are crucial to ensuring your business is successful. Balanced Business Services can perform all of these tasks and help every step of the way to ensure a smooth and clean year end process!