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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How To Manage The Leadership Balancing Act Successfully

Originally shared on Forbes.com: https://www.forbes.com/sites/forbescoachescouncil/2023/04/10/how-to-manage-the-leadership-balancing-act-successfully/?sh=471f019a7529

Being a member of the leadership team is one of the most challenging, demanding roles because these people carry the weight of a workplace on their shoulders every day. From ensuring the company's financial health to managing employees, they must be strategic thinkers, problem-solvers and visionary leaders.

 

It's no secret that being a leader can often be a lonely job, and it requires a high level of resilience, emotional intelligence and grit. During a recent discovery call with a CFO, I was amazed at how raw and honest he was about the gravity of the stress he felt and how troubled he felt knowing that the members of his team were struggling.

The Core Responsibilities Of Executives

We ended up discussing four management areas that many of my clients worry about: the company's financial position, employee...

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Kevin O'Leary on Leading and Innovating to Build a Better Digital Asset Marketplace

entrepreneur Jun 05, 2022

Posted on Entrepreneur.com: Kevin O'Leary on Leading and Innovating to Build a Better Digital Asset Marketplace (entrepreneur.com)

Our Full Length Interview: Kevin O'Leary & Ben Samaroo

In an exclusive interview, the 'Shark Tank' investor explains the changes and movements being made towards a regulated cryptocurrency market.

The crypto market is expected to grow to $32B USD by 2027 and with trillions of dollars sitting idle in the global economy, all eyes are on the debates happening in the US right now as committees ramp up their discussions on regulations.

This brought me to Shark Tank’s Kevin O’Leary, strategic investor in WonderFi, which provides novice users with a simple way to buy crypto on regulated exchanges like BitBuy and recently acquired Coinberry, earn interest and track performance, while maintaining full control and custody of their assets. I reached out to O’Leary, as my interest in how talks are progressing and how the team at WonderFi...

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Entrepreneur's Startups Magazine - Print Issue March 2022

entrepreneur Mar 24, 2022

Less than 24 hours since Entrepreneur Media semi-annual print issue was published, I woke up this morning to a flooding of my inboxes from strangers around the globe who connected to my feature piece.

While it's beyond flattering to be selected, it is always the feedback and connections that mean the most.

They say it takes a startup an average of 3 years to get a solid footing and foundation set. What happens during this time?

You learn what works and what doesn't.
You gain and you lose; money, patience, time, people....
It can be an extremely lonely and isolating journey (without the compounded effect of doing so during a pandemic).

To all the #entrepreneurs just getting off the ground or in flight, take advantage of the stories shared and learnings, if you can be spared one mistake it's definitely worth the time.

Download or visit your old school newsstand!

https://www.zinio.com/ca/entrepreneur-s-startups-m5668

 

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Entrepreneur.com: How Amazon's Domination Could Benefit Your Business

Learn about the benefits and key processes associated with becoming an Amazon Seller to ensure you make the right choice for your business.

Orginally written for Entrepreneur.com

https://www.entrepreneur.com/article/368145

 

Revenue from brick-and-mortar sales channels are decreasing, ecommerce is on the rise, and there is one company that owns roughly 40% of the ecommerce market: Amazon.

Even before Covid-19, Amazon saw its revenue and growth increase year after year. During 2020, though, the company saw a 60% increase between April and July alone. At this point in time, we don't know what a post-pandemic marketplace will look like for most businesses. But business owners should consider the best path forward to bring in consistent revenue and keep their real and virtual doors open.

Amazon’s success is important because it allows small businesses worldwide to capitalize on its growth and expands the scope...

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