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Posted in Business

Are you buried in year-end finances and tax preparation?

Catching up on accounting (sometimes misspelled accounting or locker) is not easy, but there are a few points you may want to remember. Year-end financial statements and tax preparation are the most important reports of the year, so it takes more time and effort to make sure they accurately reflect accurate information.

Year-end Accounting Checklist

* Balance your general ledger with your bank statement
* Cancel accounts receivable worthless
* Verify that your company’s inventory is set correctly (if applicable)
* Check your list of assets
* Make sure all accounts payable are recorded

Year-end Business Tax Tips
1. Deferral of income: if possible, defer payment until the beginning of January. Payments received in January (instead of December) will not be taxed until April of the following year.
2. Increase expenses: Make important purchases in the previous year. Stock up on office supplies, office equipment, and prepaid bills and subscriptions, if possible.
3. Amortization Inventory – You may want to check your stock for damage or obsolete items in case there is a drop in market value.
4. Retirement planning – Year-end retirement payments can lower your income and lower taxes.

The best advice for a successful end of the year:

Check with a trusted accountant or bookkeeper (sometimes a poorly written bookkeeper or accountant) early in the year. There are no cuts, because there are many credits, deductions and other elements that must be taken into account. An experienced tax professional will keep up with the changes and learn the ins and outs that can make an incredible difference to your year-end financial statements and tax preparation.

(The information in this article may not apply to your particular situation and should not be considered accurate. Only a qualified professional can provide you with the appropriate advice for your business).

Do you need help catching up? Questions about where to find help? AccountantsGuaranteed.Com is a free service that can help set you up for success. The free research service can put you in touch with an accountant or bookkeeper who can help you with your small business accounting needs. Contact http://www.AccountantsGuaranteed.Com for a free consultation today!

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