BOOKKEEPING TASKS TO PREP FOR TAX SEASON
As the year comes to a close, it’s the perfect time to wrap up your bookkeeping and get a head start on tax season. Here’s a quick checklist with details to help you stay organized:
- Reconcile All Your Accounts
Compare your bank and credit card statements with your bookkeeping software to ensure all transactions are accurate and accounted for. Resolve any discrepancies now.
- Organize All Your Receipts
Gather all receipts for business expenses, both physical and digital. Use a scanner or app to digitize them and store them in a cloud-based folder for easy access.
- Review Invoices
Check for unpaid invoices and send reminders to clients. This helps improve your year-end cash flow and ensures you don’t leave money on the table.
- Run Financial Reports
Generate your Profit & Loss, Balance Sheet, and Cash Flow statements to get a comprehensive overview of your business’s financial health. These reports are essential for tax prep.
- Gather Tax Documents
Collect forms like W-2s for employees, 1099s for contractors, and records of deductible expenses like mileage, utilities, and office supplies.
- Prepare for Next Year
Use insights from this year’s data to set financial goals, create a budget, and plan for growth in 2025.
Knocking these tasks out now will make tax season a breeze and ensure you start the new year stress-free.
Need help? Reply to this email, and we’ll make sure your books are in top shape! Cheers to a successful end of the year!