The end of the year is right around the corner. The trees are almost bare and the air is getting that sharp, cold bite to it. Nature makes its transitions so effortless and easy. Will your year-end close process be just as seamless?
Many non-retail businesses experience a slow period in December. While it might feel tempting to kick back and relax, these last weeks of the year can be used to organize your finances, maximize financial statement income, minimize taxable income, budget and plan for the upcoming year. It is a great time to reassess your financial record keeping and determine if your business needs additional support to make the year end close a seamless transition into the new year.
Questions you should be asking yourself at this time:
- Are my accounting records current in my accounting software?
- Are all my bank and credit card reconciliations current?
- Have I paid all required sales tax to the appropriate jurisdictions?
- Am I current in paying my quarterly estimates for the filing year?
- Do I know how much I have in assets and liabilities?
- Do I know how much income my business reported year-to-date?
- Have I spoken with my accountant to determine what they expect or need from me?
If you have answered no to any of the above questions, you should strongly consider seeking professional assistance. At CFO Your Way, we work directly with business owners and their staff to ensure accounting records are accurately maintained, financial reporting is timely and useful in management decision making, and that they are well prepared to face tomorrow’s challenges. Our team of professionals are licensed CPAs in the state of New Jersey and are certified as QuickBooks ProAdvisors. We understand accounting and the challenges small and mid-size business encounter. That is why we are here to help guide you through any financial challenges you are currently facing in your business.
Take a moment to consider our services for an effortless transition into the year and Schedule a Complimentary Consultation to discuss your needs.