Accounting End Of The Year Checklist, Continued

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One of the most important ways an accountant can help your small Gresham business is in helping you to prepare for the end of the year and tax season. Making sure your accounting books are in order and taxes are filed correctly is no small task. Incorrect or late filing could even result in fees that could be a hard blow to your Gresham business.

The year is more than halfway gone – start preparing for the end of the year now! To make sure that your Gresham business is prepared for all that the end of the year brings, it is a good idea to have a checklist for the tasks that need to be done. Business & Accounting Solutions recommends adding the following items to your checklist and hiring on an accountant's services to ensure the end of the year for your business runs smoothly.

5. Send Out 1099s. Don’t delay sending out 1099s to your employees. After all, they will claim income regardless of whether you provide them 1099s. Gresham business owners can save themselves some trouble by collecting W-9s along the way and sending out 1099s early. It’s much easier to take care of things early than to scramble at year-end. Additionally, an accountant can help make sure that all of these documents are in order and are sent out in a timely manner.

Gresham business owners should know that sending out 1099s in a timely manner is about more than just saving yourself from scrambling at the end of the year. Failure to send these documents also costs your Gresham business money! Unless you’re keen to pay a $250 fine, don’t delay. Make sure to get your 1099s to their recipients on or before January 31 and to the IRS on or before February 28 (or March 31 if you file electronically).

6. Plan For Income Taxes. Take the time to identify tax needs now! Your accountant can help you to minimize your payments and capture potential savings. To avoid nasty surprises and save your company serious money, invest time now. If you find that your plate is full and you’re wanting to delay planning for the end of the year taxes, that is all the more reason to hire on the help of an accountant. You don’t want to be among the estimated 40 percent of small businesses that rack up $845 per year in penalties. Hire an accountant to take care of this important, necessary task.

7. Ensure You Have Enough Money For The Coming Year. Did you know that almost 30% of startup failures are due to “running out of money?” Gresham business owners should be careful not to count their chickens before they hatch. Don’t get caught in January wondering if you have the money for a new hire or new equipment. Start planning and budgeting now! Involve investors and anybody else to make sure all your funds are in order.

8. Look Back On The Work You’ve Done This Year. The sense of urgency that fuels your end-of-the-year push shouldn’t preclude you from looking back at the work you’ve done. Early-stage companies, especially, have much to do – including filing their taxes – and little time to do it. Review the year’s performance and stack the results up against intended goals and milestones. This will help Gresham business owners to judge the coming year’s objectives.

Outsource Your Accounting With Business & Accounting Solutions. Looking for a professional bookkeeper and accountant to support your Gresham business? Business & Accounting Solutions helps Gresham businesses stay in compliance and helps put them on the path for growth by offering a wide range of outsourced accounting services including bookkeeping, payroll, cash flow, finance consulting, and financial statement preparation along with QuickBooks consulting services. Contact us or call us today at (503) 710-6213. Know someone in need of CFO or Accountant services? Consider our referral program.