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)?
Week of Nov 18 – Credit Cards
- Are my credit cards reconciled thru last month?
- Are all of my credit cards listed in my accounting software?
Week of Nov 25 – Payroll
- Are all of my payroll taxes paid?
- Check the state & federal website to make sure all posted properly.
- Are my payroll liabilities correct?
- Is my payroll being posted properly on the P&L and B/S?
Week of Dec 2 – Loans (both short & long term liabilities)
- Has the principal & interest been split?
- Are the accounts reconciled & balance to the loan statement?
Week of Dec 9 – Balance Sheet Final Review
- Confirm all assets and liabilities.
- Confirm all equity (shareholder distributions).
- Did I put any personal money or buy anything with personal credit cards that I forgot to enter into the accounting system?
Week of Dec 16 – Profit & Loss Deep Dive
- Is all my revenue coded correctly?
- Make sure there are no expenses entered in error.
- Make sure any personal funds are not entered as income.
- Do I have reimbursable expenses?
- Are my expenses broken down so I can analyze details (i.e., interest expense by cc, loan)?
- Confirm company payroll portion matches payroll reports.
- Do I have W9’s for all contractors?
- Do I need to record S corp medical expenses? (may need to double check with CPA)
- Double check transactions for consistency (ie., insurance break out – auto v. business liability v. workman’s comp).