Year-end accounting checklist
Year-end financial statements are known to be the most difficult reports that are issued. These reports are generally used for tax preparation and referencing, and heavily influence a business’s future decisions. Even the smallest error can cause problems in a year-end financial statement. Therefore more time should be spent on it in order to ensure the utmost accuracy.
QuickBooks offers accounting software for small to medium-sized businesses, assisting business owners with their account management requirements. Our three main accounting software packages include:
- QuickBooks SimpleStartThe SimpleStart package is created for new and home-based businesses that need basic, yet efficient, software to record and manage financial information. This accounting system can help you generate professional invoices, quotes, cash flow reports and batch emails to clients or employees. This accounting software also allows you to keep track of expenses, profit and sales activity.
- QuickBooks ProThis package provides accounting solutions for larger and more established businesses and offers more features than the QuickBooks SimpleStart. It facilitates usage for up to five people, the generation of snapshots, stock tracking, the setting of recorder points, creation of purchase orders and efficient project management.This software is also compatible with business-related computer programs that are used every day, such as Microsoft Word, Microsoft Outlook and Microsoft Excel.
- QuickBooks PremierLike the QuickBooks Premier, the advanced package is designed for larger and more well-established businesses. It facilitates up to 30 users and has an even wider variety of features than the Pro package.QuickBooks Premier allows you to make purchases and sell stock in various units, as well as sets discounts, assists in building forecasts, aids in creating budgets and provides performance analyses.Choose QuickBooks as your company’s accounting solution; we provide the ideal software to manage your financial accounts. With efficient software recording and handling your business’s data, there’s less room for mistakes and an increase in efficiency.
Year-end accounting procedure
When creating your company’s year-end financial statements, there are questions you, as the business owner, should ask:
- Does the bank balance reflected in my general ledger align with my bank statement?
- Are there worthless accounts receivables that should be written off?
- Is the balance statement for my company’s inventory correct?
- Is the depreciation for my company’s fixed assets correctly recorded?
- Are there any items, such as prepaid matters, that need to be adjusted?
- Have all payables been recorded?
- Do all of the payroll tax liabilities align with my quarterly reports?
- Are there any excluded or missing debts?
- Does my company still have all of its fixed assets?
This checklist can help you perform an efficient year-end accounting business statement. Instead of only worrying about these procedures at the end of the financial year, keep consistent with all your recordings to make sure that no problems will occur. Small things such as lost invoices or missing slips can happen to any business, but if you use premium software, such as QuickBooks, for your bookeeping, there are fewer chances for errors to occur.
Contact us to find out more about QuickBooks packages for your year-end accounting procedures.