End of Year Checklist

From Beyond Your Books — End of Year Checklist from our team of remote bookkeepers and Profit First Professionals!

It’s here – the end of 2023 is upon us! Here are a few things from your bookkeeping firm to consider before year-end. 

• Review your most up to date financial reports 

• Review your Balance Sheet – Asset Review to add or delete personal property items, Liability & Interest statements and Equity transactions 

• Review your Profit & Loss and compare to last year 

• Meet with your CPA with financial reports as of 11-30-2023 to preview tax liability and strategy 

• Review Payroll Tasks 

• Review all 1099 vendors and issue W-9s to collect tax information

• Be prepared for January Quarterly tax payments 

• Consider bonus, profit draw or off-cycle payroll for salaries and fringe benefits

• Review Accounts Receivable for client payments to close  

• Review Accounts Payable for any invoices to pay 

• Perform Inventory Audit 

• Prepare budget, projections and goals for 2024

Things to think about…  

• What are your goals for the upcoming year? 

• What were some of your challenges from the past year? 

• What are some changes to your operations you’re considering making? 

• What part of your business do you feel most/least sure about?

The entire Beyond Your Books team wishes you a happy holiday season!