Year End Accounting
It will practically wake you from your peaceful slumber dreams of a winter vacation to Hawaii (or Iceland, we don’t judge). It will make you pace back and forth, talk to yourself, and eventually be the cause of forgetting to stop in mid day to grab lunch. What is this dreadful event? Drum roll please…year end accounting for your business! A glance at your calendar and you realize it is only two weeks from the conclusion of the year and the calculators must come out. That is why we are here to help you with some of your worries.
We are DBS (Diversified Business Solutions), an accounting solution business based in Sacramento, California. However, based in Sacramento, doesn’t mean we only work with clients in surrounding areas. With the help of technology, we are able to extend our help to businesses all over the United States. We are a highly client focused group with your unique goals and needs in mind when working with you. We recognize that each industry has specific challenges. In fact, we have worked with our previous customers so well, we are happy to be working with repeat clients.
Here are tips for you when embarking on this difficult venture of year end accounting:
Reconcile with your bank accounts
Reconcile your bank statements with your balances; make sure it makes sense to you. If you find something wrong somewhere, backtrack fast and find the discrepancies.
Finish invoicing
By now, you should send invoices for services you have transacted, sold products, or any other unbilled transaction.
Write off debts
Every once in a while, we get those customers that either don’t get the invoice or are going through a rough time. Either way, it’s okay. Time is winding and they must pay their due, so writing off is the best option. When you write your invoice, the report will show the write off amount as an expense. This will give you accurate loss figures.
Compare
Compare financial reports with your previous year to see how business is doing.
Get a head start with 1099s
The deadline for sending your sub-contractor 1099 is January. If you get started now, that is much better because we know procrastination rarely ever pays off in business. You can use online services to help you with filling your 1099 to help with the work load.
