052 | Topic of the Month - Year End
If you've missed us, we are VERY sorry! With the flooding in southern British Columbia, a death in the family, and Covid exposure isolations - things have been a little chaotic here at Big Rose.
But, we're back! Nothing can keep us down for too long. Sooo without further adieu, let's get back on track and jump in. Year End is a big topic and we'll try to cover as much as possible.
First off - we enjoy planning. Checklists. Organizing. Strategy. We love it!
Second - to get you started, these are the items to plan for Year End strictly relating to your books:
Finalize All Income & Expenses:
❑ Send invoices for unbilled projects
❑ Send reminders to customers who haven’t paid their invoices yet
❑ Write off unpaid invoices as bad debt (if needed)
❑ Record all business expenses
❑ Separate business expenses from personal expenses
❑ Update your mileage log (if needed)
❑ Pay all open bills from vendors
❑ Pay contractors
❑ Reconcile your bank accounts
Update Fixed Assets:
❑ Make sure fixed assets are up-to-date
❑ Run depreciation
❑ Decide on employee bonuses
❑ Withhold taxes for employee bonuses
❑ Make sure your payroll taxes match your quarterly payroll returns
❑ Verify all employee contact information is correct for T4’s
❑ Count inventory (on the date you close your books)
In our next blog post, we will dive deeper into year end planning to maximize your dollars and lastly we will finish off with a #Strategy Session for 2022.
As always, we are here to help! Contact us anytime.