December may be a blast to require stock and assess your bookkeeping to-do list in preparation for your 2021 tax filings. However, the calendar year-end are often a busy time with other business management chores. Here are some practical year-end bookkeeping tips which will help streamline the financials and help businesses hit the bottom running in 2021:
Reconcile Books and Bank Accounts
Whether the business uses software or manual methods, reconciling is one among the primary steps to making sure Bookkeeping Services in Boston on target. Keeping a checklist when reconciling can help ensure nothing is overlooked, including any loans or lines of credit taken, payroll obligations, etc. additionally to bank and MasterCard accounts. Not reconciling can set back your tax filing process within the coming year.
Review Business Assets
Most businesses will maintain an assets account or registry, which must be reviewed before getting into the New Year. Look out for entries that don’t belong to the assets category and reassign them as required. The yearend may be a blast to spotlight transactions that appear unclear, and mark them for a consultation with the CPA before the New Year rolls in.
Review assets and Accounts Payable
A year-end review of assets and Accounts Payable can help reveal any errors or issues that went unnoticed within the preceding months. It’s also a convenient time to gather old and overdue payments. Analyze any uncollected items to work out if collection is not any longer feasible. If so, write off the things as debt for the business. Furthermore, identify any inaccuracies and, most significantly, take action when needed. For instance, send reminders, follow-up reminders, etc.
Streamline Contractor Payments
If your business uses contractors, December may be a blast to make sure payments are so as because the deadline for providing contractors with Form 1099 is January 31. Similarly, W-9 forms got to be filled out by vendors.
Healthy Business Financials: The Professional Way
For professional businesses, including CPA firms specializing in client bookkeeping and accounting, a passion and love for entrepreneurship is usually the business’s foundation. However, every successful business needs a rock-solid base to work from, during this case, healthy, reliable financials. Streamlined and uninterrupted operations are only possible when there’s a gentle stream of income. Unlike most businesses that believe professionals, a CPA firm is provided to try to its own Accounting Firm in Boston. Yet, even for them, professional help can convince be beneficial in additional than one way:
Regaining time for vital business-building activities rather than spending it on accounting and bookkeeping chores.
Ensuring more reliable figures and numbers, unhindered by any worry or hassle.
Getting the firm’s financials and operations on target without compromising on paid client add any manner.
Preparing for a smoother transition into the approaching year.
Ensuring streamlined processes and arranged books for financial activities within the coming year, including business tax filing.
Kayabooks offers customized solutions for businesses, starting from accounting and bookkeeping tips to more complex requirements.