Gresham business owners should know what services an accountant can offer your small business to help it run smoothly. The most important of these involves closing the books at the end of the year. With more than half the year gone, now is the time to make sure you’re prepared for the end of the year accounting needs. Don’t wing it when it comes to your business’s taxes. Not only do you risk a potentially harmful financial fallout, but it also damages company morale and suggests a disorganized operation.
Use the following checklist to make sure your Gresham business has its accounting affairs in order for tax season. Here are four important year-end tasks an accountant can do for you:
End Of The Year Checklist For Taxes
1. Keep Internal Operations On Point. The best thing you can do to make sure that your Gresham business is prepared for the end of the year is to make sure that everything is running smoothly now. Double-check the internal controls you already have in place. If necessary, you have time to create fail-safe procedures. When you stick maintaining to internal control operations, it helps you to maintain accurate financial records, prevent fraud, and detect possible embezzlement early on. Gresham business owners who hire on the help of an accountant will have an even easier time making sure that all things are running smoothly.
At this point in the year, take an honest look at your business. Does your plan contain holes that make you susceptible to errors? Ensuring that your procedures are in place and working smoothly can help you maintain a solid year-end close as your company grows.
2. Make Payroll Compliance A Priority. Gresham business owners should make sure employees get their W-2 forms no later than January 31, and include accrued bonuses or special gifts. This not only calms impatient workers, but it also prevents major penalties. If the IRS suspects and proves you intentionally avoided filing to pay, you could be charged with a federal violation.
3. Collect Accounts Receivable. Small businesses especially can’t afford to let accounts receivable slip for too long. Before the year is up, aim to close out all outstanding receivables. Gresham business owners need to be prepared to collect on all unpaid invoices and reissue or void checks as needed. A strong push to collect as much as possible and clean up reconciliation issues will help you maintain better control over your company’s cash flow. Expediting payments, before taxes are due, will help. Gresham business owners who find themselves too swamped to chase down accounts receivable bills should hire the help of an accountant. Part of an accountant’s job is to make sure your Gresham business gets the money it is owed.
4. Mind The GAAP (Generally Accepted Accounting Principles). Clean books are essential to satisfying both investors and for acquiring companies. If your company’s finances are not already in line with accounting principles, they need to get there – now. An accountant can offer professional advice and make sure your books are GAAP-compliant.
As you prepare for the end of the year, you should consider taking on an accountant's services for your Gresham business. End of the year preparations and tax season are some of the most stressful times for any Gresham business owner. Rely on the help of a professional accountant to keep everything running smoothly and your books accurate and on time.
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