Year End Accounting Checklist

Year-End Accounting Checklist: Don’t Forget!

As you are busy marking off the items on your holiday shopping list, it is important that you don’t overlook the things that need to be done for your business before the end of the year. Certain tasks need to have a timestamp before the year’s end, so they apply to your taxes for the 2016 business year.

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Here are a few things that you should consider before the year ends:

Organize Your Receipts

Make sure that you have documentation for all of the transactions for the year. If you are missing any receipts, you can contact the vendor to ask for a new copy. Sometimes, it might be as easy as downloading the information from an email confirmation or an online database.

Keeping the documentation organized will make it easy for you to provide these details to your accountant when it is time to do your taxes. Make sure that all of the online transactions match up with your receipts.

Buy Office Equipment

If you need any computers or office equipment, right now might be the perfect time to make the purchase. Not only can you find great holiday sales, but you can also use the purchases as write-offs for 2016.

These purchases need to happen by December 31, 2016, if you want to use them for your taxes this year. Look at your year-to-date reports to decide if it makes sense to buy the equipment now, or if it would be better to wait until next year.

Talk to Your Accountant

Is there anything that you are overlooking before the year ends? Your accountant will stay current with all of the deadlines that need to be met. A quick conversation with your accountant can ensure that you have all your bases covered. Send an email or pick up the phone to ask if there is anything that you need to do before the end of the year.

A good accountant will work on tax strategy with you, and make recommendations about techniques that can be used to minimize tax burden.

If you need help wrapping up your business finances for the year, it is a great time to connect with a new accountant. At Easier Accounting, we are experienced with small business accounting, and our team is here to help. Contact us to learn more about the services that are available: (888) 620-0770

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