I don’t think the Chairman of the Board were thinking of year-end prep when they wrote that but…that’s what it means to me! December is going fast and that means 2018 is almost over. Are you ready? Here are just a few basic things to do to get cleaned up for the New Year!
Make sure all your cash, bank, and credit card accounts are reconciled. Are there old and outstanding transactions that haven’t cleared? Do some research and get those cleaned up!
Look at your Accounts Receivable and Accounts Payable and make sure all invoicing and bills are posted and payments have been applied.
Do you pay for business transactions with personal funds? Go through your receipts and make sure are all entered as owner contributions. You don’t want those falling through the cracks!
Prepare for 1099-MISC forms. Hopefully, you’ve been collecting W-9 information from all contractors! If not, start emailing them now and get the information entered in your books. Look through your vendor payments and get an idea of who and how many you’ll send. Remember, payments to vendors from credit cards aren’t included on 1099 forms.
Have you contributed to charity yet? There’s still time! Make those charitable contributions to the organizations you care about. Remember, it’s a win-win for everyone!
It’s a busy time of year and it takes real effort to focus on what’s important. There are so many things pulling our attention in different directions. My hope is that you take time for yourself and family and enjoy this season!
Jordan Ilderton, CPA