A tax accountant understands what you need to accomplish when handling your year-end accounting and can make sure contra asset account you’re following your checklist properly without missing any steps. An accountant can also give you advice on streamlining and improving your processes for next year. Yes, our checklist guides you through essential steps for a thorough cleanup, ensuring accurate and organized financial data. However, feel free to customize it to fit your firm’s specific workflow. After our QuickBooks Desktop or QBO cleanup, your company will walk away with the organized accounting records and reliable financial statements necessary for long-term performance.
Referral Process
A simple, streamlined bookkeeping process makes periodic accounting (quarterly and annually) easier. But with so many expenses—utilities, telecom, and insurance—it can be easy to lose track of accounts payable, resulting in nasty surprises like overcharges. Bookkeeping plays a critical role in your potential to maximize deductions. Examples include tracking mileage, organizing and executing payroll costs, and maintaining paperwork from accounts receivable.
Free QuickBooks Cleanup Checklist Template
This is also a great way to check for abnormal account balances and potential posting errors. To start, a common problem is that someone has been doing things wrong inside your client’s QuickBooks account. Maybe when the owner started his business,he had a good system in place for reconciling his books every month, but as his business grew and things got more complicated, he didn’t know what to do. Get in touch today, and consider it an investment in your future success. Consistently assessing your accounts payable (AP) and accounts receivable (AR) is key to keeping your business running smoothly.
SERVICES
- For physical documents, consider investing in a filing cabinet with designated folders for categorized storage.
- If you use accounting software or an online bookkeeping platform, this step may be automated, taking the pressure off you through machine learning.
- It is important to maintain a bookkeeping checklist because it helps one identify discrepancies, spot opportunities for savings, and provide an accurate picture of your financial standing.
- By checking your accounts payable, you can ensure that all bills have been appropriately recorded and that any past-due invoices have been paid.
- For a client on the small side, you can estimate somewhere around an hour per month for the designated time you are fixing.
Good bookkeeping is about much more than organization; it’s about doing better business and saving more in taxes. For spick and span books, you might consider upgrading your tried-and-true spreadsheet or paper records to software. You may forget to record a transaction, which is an error of omission.
Startup Tax Credits And Deductions That You Might Be Missing
In the end, it will lead to missing income or expenses in your https://www.bookstime.com/articles/balance-sheet-basics books. Hopefully, you review your monthly financial statements for accuracy. You may compare your cash account and lines of credit with your bank statements, take a balance sheet health check, and check your income statement. Verifying financial statements ensures that your books accurately reflect your business’s financial position. Start by generating a trial balance to confirm that debits and credits align correctly.
Jeremy A. Johnson is a Fort Worth CPA who combines strategic tax planning, accounting, CFO services, and business advisory services into a single, end-to-end solution for growth-stage businesses. If you need more accurate, efficient, and integrated bookkeeping, call me. What is the quality and usefulness, with respect to tax savings, that you can pass along to your in-house accountant or hired CPA?
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Any time you can get an electronic bank statement or guest login to your client’s bank account, that is helpful. You will also want to reach out to your client’s tax preparer, if they have bookkeeping clean up checklist one. This way, when you are cleaning up and categorizing, you are doing it the way their tax preparer wants, and you can ask them questions as things come up. Catch up bookkeeping and bookkeeping clean up are used interchangeably to describe the process of getting your financial records organized and up-to-date.