Accounting is not easy, but it’s a necessary procedure that many must invest in. If you’re an employer, hiring professional accountants or accounting services is necessary to help you decide how your company fared in this fiscal year. Manu people don’t make the calculations, so they don’t have to deal with the results, but it’s necessary if you want to grow and change your business. HR services will often work alongside accounting services to understand more about how the company handles accounts.
One of the major tasks to work on is the end-of-the-year accounting for your company. But you want o make it as easy as possible for yourself. We have listed some major points that you must check off.
Checklist for End-of-Year Accounting
Following the proper steps is necessary if you want to get done with end-of-year accounting. We have listed some of these below:
1. Prepare All Invoices and Tax Forms
One of the most important aspects you must make a record of is the preparation of invoices for your end of the year. You must also ensure that you collect all the tax forms from employees so that income and expenses can be accounted for. If any projects are unbilled, you must get things done as soon as possible.
You also want to send out invoice reminders to gain information on any payments you may need to make.
2. Prepare a Closing Schedule
The most necessary thing to do is to know how you will close out your year and the tasks you must continue. You must also set data processing deadlines for accounting services. Set up an entire calendar to inform yourself of the itinerary you might follow. An automatic calendar service is necessary when working through several data points and simultaneously taking care of several things.
3. Review all Payroll Records
You want to be sure that your payroll records have no outstanding balances. It would be best to look at the people your company still employs and those no longer with you. Reviewing payroll records lets you understand your payment positions into the new year.
4. Review Assets
If you have cash or land assets, you must review them and adjust entries in all the necessary ways. If there’s any physical stock, you must review this appropriately. If not, you can look through your digital assets for maximum information on your accounts receivable and payable.
5. Reconcile Bank Accounts and Credit
Once you have collected all the required information from your sources, you must reconcile all the credit and bank cards used in your business. The income and expenses must be listed on the accounting software that you’re using. Accounting hiring services may have to go the extra mile and verify these payments from employees, so the necessary actions are in place for compensation if required.
Reconciling at the end of the year may be easier if your company follows a monthly reconciliation schedule. If there are loans that your company must reconcile, then now is the time to do something about it. The loan on your sheet must match the loan listed on the bank statement, so accounting services must be careful of this.
6. Revise Accounts Payable and Receivable
For several reasons; your year-end checklist must include a full list of accounts payable and receivable.
The review is a way to double-check that the company has paid all the invoices and received the due payment for its services. It’s necessary to review these accounts since there may have been major changes in staff and the software throughout the year. So any major changes must be accounted for.
If any late payments were made, the accounts payable and receivable could also mention this. Any discrepancies can be clarified when you revise the accounts payable and receivable.
7. Make a Yearly Report
When you’re taking note of the money you’ve gained and lost over any fiscal year, it’s also necessary to make a yearly report that will inform you about the profit and loss you’ve gained through the year. Once the work is done, it’s necessary to know how well you handled your assets this year and how you can continue to grow in the next fiscal year.
8. Create a Company File
You want to compile all of your year’s data in one file. The company file is the most important part of the checklist as it ensures you can access data from the past years. This company file must also be closed so it can’t be edited in the coming years.
Handle Your Company’s Bookkeeping Checklist With Ace Biz In New South Wales
Bookkeeping has been around since people started to barter and trade goods and services for money. Books must be organized for any company’s growth, but you can’t do it all on your own. Here’s where Ace Biz comes in to fulfill all needs of a New South Wales tax planner, HR services, or professional accountant.
With services from accounting and tax to business advisory and payroll calculations, so you can focus on running a better business, they hire the best accounting professionals. For more information about their services or to learn more, contact them today!
