While strolling through the historic district and taking in the magical St. Augustine’s Nights of Lights, our thoughts were on the festivities of the season.
Gatherings of friends and family, eggnog, gift exchanges, holiday parties…and cleaning up the business’s financial books before the end of the year.
Yep, for business owners cleaning up their accounting and preparing their books for year end is a vital tradition of the holiday season.
Properly preparing your financial information before the end of the year provides an opportunity to:
- Take stock in your business performance
- Ensure all assets & liabilities have been accounted for
- Organize important tax information
- Gather information needed to send out 1099s & W-2s
- Set the stage for the upcoming year’s budget
Start Reviewing Your Books
This time of year, it’s important to take stock of your business income, assets, expenses and potential deductions. For example:
- Are your book balances reconciled with your bank statement balances?
- Are payables accurately recorded?
- Are debts included in end of the year financial statements?
- Are there any receivables or debts that can be written off?
Now’s the Time to Close-Out the Old
Before you move on to the new year, close out the current.
- Are there any old customer accounts still active in your books?
- Do you have inactive vendor accounts that need to be closed?
- Do you still have open ex-employees files that need to be closed?
Organize for Tax Deadlines
Before you know it important 2017 tax deadlines will be upon us. It’s time to prepare now. Keep these dates in mind:
- The deadline to send out 1099s and W-2s has been moved up for this year to January 31
- Be ready to update & fill out your Tangible Return by April 1
Close out the Year and Prepare for the Next
Once you’ve rolled your 2016 files over for recordkeeping and ensured your books are in order you’re well-positioned for 2017. You’ll have a better understanding of your current financial picture and that’s a great start to properly prepare the budget for the upcoming year.
We’ll be happy to guide you, clean up your business accounting and prepare for the new year. Give us a call at (904) 429-4588 and let’s see how we can help you.