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<\/figure>\n<\/div>\n\n\nTax time isn\u2019t the only time of year to consider your books. In fact, the end of the year is a natural time to take stock of your company’s finances and books. There are many things you can do during December that will let you exit the year cleanly. Plus, you’ll be ready for what\u2019s to come in January.<\/p>\n\n\n\n
If you\u2019re wondering what activities are important, we\u2019ll weigh in here. (Or fast track to getting help by contacting one of our bookkeeping professionals<\/a>.)<\/p>\n\n\n\n Year-end closing is an essential part of year-end bookkeeping. It focuses on taking the proper steps to ensure your small business\u2019 financial transactions are recorded and up to date.\u00a0<\/p>\n\n\n\n At year-end, the goal is to balance your small business\u2019 books for a 12-month time frame. This assumes\u00a0your fiscal year aligns with the calendar-year. It\u2019s important to do this because it:<\/p>\n\n\n\n Does your fiscal year not align with the typical calendar-year schedule? Don’t worry. You can still use this information as a fiscal year end checklist.<\/p>\n\n\n\n Take the stress of bookkeeping off your plate. <\/p>\n\n\n\n Before you can start to mark tasks off your to-do list, you\u2019ll need to gather your important bookkeeping documents and tax forms. Review this fiscal year end checklist for the paperwork you’ll need to get ready.<\/p>\n\n\n\n What can you do to get your books in order? Below are seven fiscal year-end bookkeeping checklist items to plan for.<\/p>\n\n\n\n Whether you have just one or several employees, payroll-related duties should be counted in your year-end tasks, To this end, make sure your payroll records are up to date. Additionally, make sure Form 941<\/a>, which report your quarterly tax<\/a> withholding amount for employer payments and FICA taxes<\/a>, are submitted.<\/p>\n\n\n\n Beyond that, spot check:<\/p>\n\n\n\n It\u2019s also wise to run a final payroll report. If you use Block Advisors’ professional payroll services<\/a>, we can take the burden of this somewhat complex task off your shoulders.<\/p>\n\n\n\n As a business owner, it\u2019s likely that you\u2019ll hire employees or contractors<\/a> along the way, so you\u2019ll want to make sure the following forms are prepped:<\/p>\n\n\n\n W-2s <\/strong>– For employees<\/a>, you should file your copies of Form W-2, Wage and Tax Statement, and Form W-3<\/a>, Transmittal of Wage and Tax Statements, with the Social Security Administration by\u00a0January 31.<\/p>\n\n\n\n 1099-NEC <\/strong>– For contractors or freelancers<\/a>, you\u2019ll need to complete IRS Form 1099-NEC<\/a>, which is due to the IRS at the end of January.<\/p>\n\n\n\n Learn more about W-2 and 1099 deadlines.<\/a> <\/p>\n\n\n\n Get an accurate count of the materials and supplies you have because it helps you determine how much was spent on it and its current value. Match your inventory totals to your balance sheet. If you see inconsistencies between your inventory count and balance sheet, fix the issue.<\/p>\n\n\n\n Some small business owners rely on paper records and keep receipts stashed in their office. If this is the approach you take, organize your receipts:<\/p>\n\n\n\n Need help organizing you receipts, expenses, and other documents? Our tax pros get your paperwork in order, helping you avoid missed deductions. For Schedule C filers, ask your tax pro about adding our Year-End Tax Filing Readiness Service<\/a>.\u00a0<\/p>\n\n\n\n If your business operates using an accrual accounting system<\/a>, it\u2019s important to check what you owe and who owes you for tax purposes. Your payables are outstanding bills sent to you by other entities. Your receivables are outstanding invoices you have sent other entities.<\/p>\n\n\n\n At the fiscal year end, it\u2019s wise to tally total payables and receivables, because:<\/p>\n\n\n\n There are multiple steps to take to get your fiscal records in order prior to year-end. Here are some key year-end bookkeeping procedures:<\/p>\n\n\n\n In terms of your bookkeeping policies and procedures, take a pulse on what\u2019s working and what\u2019s not. Review your small business\u2019 numbers. Set an intention to have a successful year and get a start fresh in January. Many small business owners find that a new year brings renewed energy and motivation. Be ready to capitalize on that!<\/p>\n\n\n\n Year-end closing can be an overwhelming task. Especially if you’re feeling like you don’t have the time or resources to devote to it. While this end of financial year checklist is directed towards small business owners, you don’t have to go it alone.<\/p>\n\n\n\n Asking for professional bookkeeping help is always an option. A Block Advisors bookkeeping expert<\/a> can help you keep your finances on track. So you can get back to the business you love. \u00a0<\/p>\n\n\n\n See how we can help with your bookkeeping needs and answer your bookkeeping questions.<\/p>\n\n\n\n Schedule a free bookkeeping consultation<\/a>.<\/p>\n\n\n\nWhat is year-end closing?<\/h2>\n\n\n\n
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Bookkeeping for up to 50% less.<\/h2>\n\n\n\n
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Bookkeeping forms and documents year-end checklist<\/h2>\n\n\n\n
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Year-end checklist for bookkeeping tasks<\/h2>\n\n\n\n
1 – Review payroll-related information<\/h3>\n\n\n\n
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2 – Complete the appropriate forms from employees and contractors<\/h3>\n\n\n\n
3 – Take inventory<\/h3>\n\n\n\n
4 \u2013 Clean up business receipts<\/h3>\n\n\n\n
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5 – Check your payables and receivables<\/h3>\n\n\n\n
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6 – Get your fiscal records in order<\/h3>\n\n\n\n
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7 – Identify a plan for the new year<\/h3>\n\n\n\n
Where to get more help with year-end bookkeeping procedures<\/h2>\n\n\n\n
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