It’s almost the end of the year! Are you feeling overwhelmed about getting your financial books arranged in an orderly way to feel well-organized for 2016? Are you going to be ready for 2015 taxes?  Do you need advice to get the ball rolling?

We have a list of recommendations to help jump-start the process. If you do not know how to do any of these – we will be glad to come and train you or do it for you so that it will be ready for your accountant.  We have a great year-end review team! Here goes:

·         Hunt down all of your receipts and organize them by month in folders or envelopes.

·         Run a P&L for the year and click on each line item to review what was placed in that category.  Look for inconsistencies and change categories as appropriate.

·         Run a Balance Sheet report for year to date (accrual basis always) and click on each line item to review what was placed in each category.

·         Make sure you have reconciled all checking, savings, loan and credit card accounts for the entire year

·         Review your Fixed Asset accounts and see if you have placed any  assets purchased in 2015 over $500 in the fixed asset category

·         Run an Accounts Receivable  report and fix any unapplied payments

·         Run an Accounts Payable report and fix any outstanding AP issues or find checks written but not through bill pay

·         Clear the un-deposited funds account if anything is in there for the past year!

·         Write off any bad debts

·         Make sure you have W-9s for all of your contract workers

·         Fix any sales tax discrepancies

·         Conduct a physical inventory count on December 31.

·         Review payroll liabilities and clear out any old liabilities

·         Review missing or voided checks

·         On March 1st, set your closing date password for 2015 so that you do not accidentally change any information for 2015. To do this in QuickBooks Desktop:   Edit>preferences>accounting>company preferences>set date/password

·         Back up your file on January 1 if you do not have automatic back up each night.

These tips will help you spend your time partying on New Year's Eve instead of panicking! So, go dance the night away instead of dancing around your numbers.

Lynn Talbott, MBA, PHR, has over 20 years’ experience consulting with entrepreneurs of small to mid-sized businesses in the HR and Office Management capacity.  Her energy and enthusiasm for new businesses is an asset for her clients. She volunteers her time at the Chattanooga SBDC/INCubator teaching an "Entrepreneur Bookkeeping" class she created. Lynn has helped manage over 50 business start-ups and many of those companies continue to rely on her expertise today as they continue to grow.

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