Year-End Accounting Checklist

It’s that time of the year again….time to start thinking about taxes and organizing 12 months worth of financial activity into accurate financial reports.  Even though preparing your year-end financial statements can cause numerous sleepless nights and headaches, they are also the most important reports for any business to issue.  They will be used for tax preparation, future reference, and smarter decision making. 

• Does my general ledger bank balance reconcile to the bank statement?
• Are there any accounts receivables that are worthless and should be written off?
• Is my balance in Allowance for Bad Debts a reasonable estimate of potential write-offs?
• Is the company’s inventory balance correctly stated?
• Are there inventory items that cost more than their worth and should be written down to their market value?
• Does the company still have all the fixed assets?
• Is my depreciation correctly recorded for those fixed assets still in the company’s possession?
• Did I amortize goodwill and franchise fees?
• Are there any prepaid items that need to be adjusted such as prepaid insurance?
• Have all assets been reviewed for accuracy?
• Have we recorded all of our payables?
• Do the payroll tax liabilities coincide with our quarterly reports?
• Do the balances in the notes payable accounts (loans) agree with what the banks says we owe?
• Are there other debts that have not been included on the books?
• Are there debts on the books that no longer exist because of forgiveness or oversight?

Frequently Asked Questions

Why do I need a bookkeeper?

Just as you are an expert in your personal business; we are experts in what we do. We take the load off of you, so you can focus on what you do best. You could need a bookkeeper for many different reasons, from day to day bookkeeping to financial analysis, paying your bills, keeping track of your payroll. We handle all of those things that overwhelm you.

Why is it so important to have good financial records?

Good records help you to measure your business's progress and overall health. Without proper records, you will not have a clear sense of how your business is actually performing. Don't you want to know whether all the hard work and long hours you put in are paying off? Don't you want to know which portion of the business is producing the most (or least) revenue?  Should you be audited, without documentation of your records you would have no evidence to support the expenditures listed on your tax return. This could result in very high tax penalties assessed by the IRS, or by state and local government agencies. 

What makes ebs Associates different from other accounting firms?
We’ve been in business for more than 28 years and we customize our services to match your needs, whether they’re big or small. We’ve done our research to ensure our rates are competitive and you’re not overcharged. We’re friendly and easy to work with and our goal is to exceed your expectations while maintaining complete confidentiality. Best of all, we leave you more time to concentrate on what you do best—running and managing your own business.

Do you file income tax returns?

No, we leave that to your accountant. We prepare everything in the proper form so your accountant can prepare your tax return expediently. Providing precise, clear records is beneficial to your accountant-and results in lower accounting fees for you.