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Year-End Bookkeeping and Accounting Checklist for Small Business Owners

xendoo

Between catching their breath after tax season and managing holiday traffic and sales, year-end bookkeeping and accounting tasks understandably fall to the bottom of the to-do list. . Reviewing bank and credit card statements to confirm that they match. . Accurate records ensure reliable financial statements.

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How to Prepare Your Small Business for the New Year

xendoo

Analyze your business’s performance from the previous year by reviewing your key financial statements. This statement provides insight into cash, inventory levels, Accounts Payable (money owed to others) and Receivable (money owed to the business owner), credit card and bank balances, and the equity in the company.

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Grab the Documents

FraudFiles

If you have access to any bank, credit card, or investment accounts online, it’s advisable to go into the accounts and download all available statements and supporting documentation. Do it right away in case you lose access to that account later. Financial statements. Pay statements.

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The Top 5 Benefits of Catch Up Bookkeeping

xendoo

The Opening Balance is the amount of money in your bank account at the beginning of a new financial period, such as the start of the month. Be aware that your bank account does not necessarily reflect the exact amount of cash that is available to spend. Financial Accuracy Through Bank Account Reconciliation .

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Business Budgeting Software Guide: Budgeting Software for Small to Enterprise Business

Snyder

Usually, it takes all the three major financial statements – the income statement, the balance sheet, and the cash flow statement – to create a master budget. Static budget – the most basic type of budget that takes into account only fixed expenses – the ones that don’t depend on production or sales volumes.

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What happens if you get audited and don’t have receipts?

xendoo

Since most vendors use online invoicing and billing systems, they’ll have copies of your records. Keep in mind that some vendors might charge a fee for their time to retrieve past invoices, receipts, and other statements. During the chat, we’ll get to know your business and its bookkeeping and accounting needs.

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What happens if you get audited and don’t have receipts?

xendoo

Since most vendors use online invoicing and billing systems, they’ll have copies of your records. Keep in mind that some vendors might charge a fee for their time to retrieve past invoices, receipts, and other statements. During the chat, we’ll get to know your business and its bookkeeping and accounting needs.

audit 52