Your Year-End Accounting Checklist: Everything You Need to know About How to Close Your Books at the End of the Fiscal Year
Mandy Maas, Your Front eOffice
It’s hard to believe the end of year is almost here, which means tax season is just around the corner. For many business owners, tax planning and year-end accounting sound daunting, especially while they’re trying to navigate through the year-end accounting process.
What is Year-End Accounting?
Year-end accounting is a series of processes which are performed within a fiscal year, whether it be one year or a 12-month accounting period other than the typical calendar year. These processes ensure you are properly recording your transactions and your financials are up-to-date. With this data, you can run accurate financial statements , annual reports, spot any errors in your books, and have time to actually do something about your tax situation before the end of the year. It may seem like a lot, but these processes are crucial to your bottom-line and necessary to run and grow a business.
Where to start?
Here is your ultimate, must-do-now checklist that will help with your business’s year-end bookkeeping.More