Skip to content

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).