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Year-End is quickly approaching, let us help you prepare!

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)?