The End of the Financial Year is an important opportunity for small business owners to ensure that their books and financials are properly organized for the new financial year. Small businesses need to complete a number of tasks in order to be ready to file taxes, write off expenses, and track any other changes in their finances.
This Small Business EOY Accounting Checklist offers a comprehensive list of tasks to prepare for the end of the financial year. Small business owners should use this checklist to help identify important tasks that need to be completed before the new fiscal year begins:
Review Balance Sheet
Small businesses should review their balance sheet and make any necessary adjustments or corrections. This includes reviewing all accounts, assets, liabilities, and equity. Small businesses should ensure that their balances are accurate and up-to-date.
Analyze Profit & Loss Statement
Small business owners should analyze the profit & loss statement for any discrepancies or changes that occurred throughout the year. Small businesses should also check to make sure all income, expenses, and revenue streams have been recorded properly.
Small business owners should review all expenses they have made throughout the year and make sure that they have been deducted properly. Small businesses should also consider writing off any bad debts that are no longer being pursued.
Update Accounting Records
Small business owners should update their accounting records to ensure accuracy for the upcoming tax season. Small businesses should review their accounts receivable and payables, inventory, payroll information, and any other financial records that need to be updated.
Reconcile Bank Accounts
Reconciling your bank accounts is essential to making sure the balances in your accounting system match their bank records. Small business owners should also look for any discrepancies in deposits, withdrawals, or transfers.
Evaluate Your Tax Position
Small business owners should evaluate their tax position to ensure they are taking advantage of any available tax deductions and credits. Small businesses should also review the current tax rates and laws to make sure they are in compliance with all applicable regulations.
Prepare for Next Year
Finally, small business owners should begin preparing for the new year by setting up their budgets, forecasting cash flow and revenue streams, and setting financial goals for the following year. Small businesses should also review any new tax laws or regulations commencing from January 1 that may affect their operations in the upcoming year.
By using this Small Business EOY Accounting Checklist, small business owners will be well-prepared to tackle the end of the financial year with the necessary steps in place to ensure a successful new year.
About CEBA Solutions
CEBA Solutions are a leading NetSuite Solution Provider based in San Francisco, California. For over a decade, CEBA Solutions have been helping Small Businesses with implementing accounting solutions, namely, NetSuite. We specialize in a wide range of services, from systems planning, system architecture and business intelligence reporting to managed IT services for Small Businesses. Our knowledgeable team will ensure your Small Business has the tools and resources to be successful in the upcoming year. Contact us today to learn more.
Zabe is a hands-on company Founder and President with expertise across multiple verticals to include business development, operations, distribution, finance, logistics, manufacturing, and the eCommerce industry.
With over 20 years of experience in the industry, Zabe works to support growing businesses by helping integrate digital and software solutions to optimize their operations and save them money. Together, we help companies manage core business processes with a single, fully integrated system covering Enterprise Resource Planning (ERP), financials, Client Relationship Management (CRM), procurement, warehousing, eCommerce, inventory, third-party logistics (3PL), and much more.