Work Expertise Services About News Contact

Year-End Fiscal Organization: Make a list. Check it twice.

Get organized for year-end and prepared for next fiscal year.

Get organized for year-end and prepared for next fiscal year.

With 2016 right around the corner, here are a few strategies from Ramey’s financial guru to help your business organize for Year-End and prepare for the next fiscal year:

  • Reconcile all balance sheet accounts to verify for accuracy & reasonableness.
  • Review sales, cost & expense accounts to prepare a budget for the next fiscal year.
  • Evaluate Year-End Accounts Receivable and write-off any uncollectable accounts.
  • Compare allowance for bad debt to actual sales. Evaluate where the current balance percentage is reasonable for any potential write-offs.
  • Review fixed asset balances. Identify and dispose of any assets no longer in service.
  • Review Year-End payroll tax reports for accuracy.
  • Verify the balances in the General Ledger on any Notes Payable Accounts compared to the lender balances for any discrepancies.
  • Verify Depreciation Expense calculations for accuracy for current year.
  • Use current year sales, billing costs, and expenses to prepare a reasonable budget for the next fiscal year. If unsure about allocation of expenses and increases, a good rule of thumb is to budget an additional 10% for the next fiscal year.
  • Review tax laws with a tax accountant/attorney for any changes that need to be recognized and planned for in future years.
  • Review payroll laws with a payroll specialist/accountant/attorney for any changes that will need to be taken into account for the next fiscal year.
  • Compare current staff with current sales/projected sales to plan for any potential increase/decrease that may affect budgets.
  • Gather Year-End data that will be used for backup for the tax preparer/auditor.
  • Dispose of any reports/documents past the recommended retain date of the Internal Revenue Service.
  • Organize files for the current year in a manner in which the records are easily accessible, but not taking up valuable space for the coming fiscal year.
  • Compile a to-do list for the coming months, in order to assist in the maintaining of accurate records.
  • Compile a checklist for reports that need to be filed to any Federal/State/Local governments. By using a checklist you will not miss those important filing deadlines.


Leave a Reply

Your email address will not be published. Required fields are marked *

Let's Get Started - Old

Let’s do more together. How can we help your brand?

This field is for validation purposes and should be left unchanged.

    Let's get started

    Let’s do more together. How can we help your brand?

      General Inquiries