Fixed assets are an important part of any business. Before the end of the year be sure to do the following:
* review records to make sure all purchases are recorded
* update to remove any assets that have been sold or junked
* have receipts available for tax prep
Also before the end of the year, be sure to take time to review the status of your loans. Here are 3 things to review:
* review records to make sure principal/interest payments are recorded
* have yearend statements available for tax purposes
* check if you should make an extra payment for yearend
One of the last things you need to do before the end of the year is reconcile all of your accounts. This includes your checking, petty cash, savings, credit card, CD’s, money market, investments, etc. Then be sure to make necessary adjustments before creating your closing year-end statements.
If you need help or guidance with your bookkeeping, let us know! Give us a call for a free 30-minute consultation. Let us take the fear out of your finances!