The year-end will be upon us in no time. Are you ready for all the paperwork and regulations that are effective for the year-end?
The most important process for year-end is having your accounting and bookkeeping in order. Make sure that you have recorded all of your income and expenses and that it matches your bank statement and any tax forms you have filed during the year (i.e. sales tax reports, payroll reports). These records will aid your accountant come tax time and help you in meeting some of the other requirements.
If you maintain an inventory, you will want to schedule to have a physical inventory done. You can do this yourself or hire an outside firm to handle it for you. Accurate inventory records are essential for calculating your Cost of Goods Sold as well as for insurance purposes in case of fire or natural disaster.
Make sure you have all of the necessary information for filing your W-2’s and 1099’s. Sometimes it’s difficult to obtain tax id numbers from vendors at the last minute. With the new healthcare reporting requirements you want to make sure this information is readily available.
Check to see if you are going to need to make an estimated income tax payment. If so, they are due December 15th. Give your accountant your up to date financial information and they should be able to tell you.
Check to see if you are required to have an annual shareholder meeting if you are a corporation or LLC. Also, check to see if and when you need to file your annual report.
It sounds like a lot of work to be done in a short amount of time, but, having these things in order by year-end will save you time and money come income tax time. It will also aid you in making decisions for the coming New Year.