As year-end approaches, smart business owners start looking at their accounting & financials in small pieces, with the goal of having everything ready for the CPA at year end.
With that in mind, we’ve compiled a list of “Accounting Bites” – one per week from mid-October through mid-December.
Follow our timeline below to help keep your business on track before year end!
Week of Oct 21 – Accounts Receivable
- Are there any items over 30 days? If so, why?
- Any bad debt write offs needed?
- Collections & follow up needed?
Week of Oct 28 – Accounts Payable
- Am I missing something?
- Is anything late?
- Do I need to call a vendor to make arrangements?
- Any errors on my end or a vendor’s end?
Week of Nov 4 – Banking
- Are my bank accounts reconciled thru last month?
- Are there any checks outstanding for more than 45 days?
- Is my Petty Cash account accurate & do I have the backup receipts?
Week of Nov 11 – Assets
- Have I run a transaction report that shows items purchased over $1,000 & was it an asset?
- Did I have any employee advances? Are any funds due to me or do I write it off?
- Do I still have the assets that are on my Balance Sheet?
- Are my pre-paid deposits (i.e., rent) accurate or have they been applied to a bill (i.e, utilities)?