Year-End Accounting Checklist for Smooth Transition and Financial Reporting

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:

Financial Review:

  1. Reconcile Bank Accounts:

    • Ensure accurate transaction recording.
    • Resolve discrepancies promptly.
  2. Review Accounts Receivable:

    • Confirm outstanding invoices.
    • Manage late payments effectively.
  3. Assess Accounts Payable:

    • Record supplier invoices accurately.
    • Organize vendor payment schedules.
  4. Inventory Valuation:

    • Conduct...
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Unlocking Growth Potential: Canadian Small Business Grants Guide

Is your business poised for expansion but lacking the necessary capital? Small business grants might hold the key to fueling your growth without accruing additional debt. While seeking financial support to bolster your enterprise, understanding the ins and outs of these grants is crucial.

Small business grants serve as a source of early-stage funding, aiding entrepreneurs in specific ventures without requiring equity stakes or debt accumulation. Despite not being 'free money,' these grants offer an attractive opportunity to finance various business needs, such as hiring, marketing, or research and development.

Pros and Cons of Small Business Grants

Before delving into the world of small business grants, it's essential to weigh the advantages and drawbacks:

Pros:

Unique qualifying criteria: Unlike traditional loans, grants may have distinct eligibility requirements, like showcasing sales growth or employee hiring due to grant-funded initiatives. No repayment: Most grants don't...

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Beyond Short-Term Results: The Hidden Risks Of Fear-Based Leadership

In a recent consult with one of my career-coaching clients, she explained to me that an abrupt change in leadership had occurred.

Her personal objectives were clear: to take 20 years of industry experience and move forward within the organization into a more senior role.
 

After reviewing her résumé and discussing at length her leadership readiness, I asked why she had become increasingly pessimistic and negative about being able to achieve this goal. The new leader who had been put into place within the past few weeks had begun to take a toll across the organization.

They came in “ready to shake things up” and made the following announcements:

• “I was hired to do a job; I have no loyalty to any of you.”

• “Your department is broken beyond repair. Why do we need it?”

• “There is a reorganization on the horizon; do what you feel with that information.”

• “Your role may remain, or may not....

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