QuickBooks Year End Checklist 2016
One of the most important things you can do to ensure a successful year is to prepare for it in advance. Here are a few tips for preparing for the year end in QuickBooks.
1. Review your bank account and credit card balances to make sure you have enough money to cover your expenses.
2. Update your contact information and addresses with your loved ones.
3. Get your taxes done if you haven’t done so already.
4. Make a list of your goals for the year and write down how much progress you’ve made towards achieving them.
5. Make a list of all the things you want to do
Year-End Guide for Small Business – QuickBooks Online
[ytvideo]Get your financial ducks in a row
- Quickbooks is set up to automatically send out tax information so you don’t have to worry about it.
- Make sure you are invoicing clients and getting paid on time.
- Track your expenses and make sure you are sticking to your budget.
- Stay organized with your invoices and receipts.
- Make sure you have all your financial statements up to date.
- Review your asset and liability statements to make sure you are in good shape.
- Get your loan pre-approval and make sure you are prepared for the next fiscal year.
- Review your estate planning and make sure you have everything you need in case something happens.
- Make sure you have updated your social security information.
10. Make sure you have updated your driver’s license information.
Know the ins and outs of QuickBooks
- Review your company’s financial reports and make any necessary updates
- Reconcile accounts receivable and payable
- Prepare your company’s tax returns
- Close any open QuickBooks accounts
- Calculate your company’s profitability and compare it to your predictions
- Prepare your company’s year-end financial statements
- File your company’s year-end tax returns
Understand the basics of accounting
QuickBooks is a great tool for keeping track of your business finances, but it’s not a full-blown accounting software. In order to properly prepare your financial statements and tax returns, you will need to understand the basics of accounting.
For example, you will need to track your expenses and track your revenue. You will also need to know how to calculate your income and calculate your taxes.
If you want to be a serious QuickBooks user, you should take some accounting classes. But even if you don’t have any experience with accounting, you can still use QuickBooks to manage your business finances.
Once you know the basics of accounting, you can start using QuickBooks to manage your finances.
Stay on top of your bookkeeping
In order to stay organized and keep on top of your bookkeeping, you should have a yearly checklist. This checklist can be tailored to your own needs, but should include the following:
- A list of your assets and liabilities
- A list of your income and expenses
- A list of your bank account balances
- A list of your outstanding debts and obligations
- A list of your net worth
- A list of your profits and losses
- A list of your current and past tax returns
- A list of your licenses and permits
- A list of your clients and customers
- A list of your employees
- A list of your contracts and agreements
- A list of your investments
- A list of your liabilities
- A list of your assets
- A list of your priorities
You can also create other checklists that are specific to your own business. Keep your checklist updated and organized so you can stay on top of your bookkeeping.
Get help from a professional
If you need help preparing your annual financial report or year-end checklist, consider speaking with a professional accountant or financial advisor. They have the experience and knowledge to help you identify and correct any potential errors before they become problems.
Conclusion
Making the most of your QuickBooks year end checklist is essential to keeping your business running smoothly in 2017. Here are some tips to help make the process as easy as possible:
1. Organize your finances by category and make sure all your bills are paid. This will help ensure you’re not missing any important payments and that your accounts are in good shape.
2. Review your invoices and contracts to make sure all information is correct. If something needs to be updated, now is the time to do it.
3. Check your bank and credit card balances to see if any adjustments need to be made. If there are any unexpected charges, investigate and fix the issue as soon as possible.
