It's very common for accountants to get asked to prepare a years worth of accounting and booking and the end of a fiscal. I strongly encourage all businesses to get ahead of the game and do this monthly, it will help you with better decision making throughout the year.
Preparing your year end financials can be daunting and overwhelming, here is your CPA approved guide to help you and your accounting team make it through!
A robust year-end accounting checklist is pivotal for a seamless transition into the new fiscal year and fulfilling financial reporting obligations. Below, find a versatile checklist that suits various business needs:
Reconcile Bank Accounts:
Review Accounts Receivable:
Assess Accounts Payable:
Loan and Debt Review:
Financial Statements and Reporting:
Income Statement (Profit and Loss):
Cash Flow Statement:
Budget vs. Actual Analysis:
Compliance and Documentation:
Employee Benefits and Payroll:
Business Registrations and Licenses:
Closing Entries and Adjustments:
Accruals and Deferrals:
Depreciation and Amortization:
Review Internal Controls:
Employee Access and Permissions:
Documentation and Record Keeping:
Business Goals Review:
Now get started if you haven't already to make sure you hit all your reporting deadlines and avoid any penalties & interest!
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