As the year draws to a close, making sure your financial books are in order is essential for achieving financial wellness. October is the perfect time to get organized and lay the groundwork for a successful year ahead.
Follow these key steps to ensure your business’s financials are in top shape.
Reconcile All Accounts Start by reconciling all your accounts, from bank statements to credit card records. Make sure your statements match your financial records. By keeping reconciliations up-to-date, you ensure your financials are accurate and ready for year-end reporting.
Review Financial Statements Look closely at your income statement, balance sheet, and cash flow statement. Assess profitability, asset allocation, and liquidity. Understanding these metrics helps you make strategic financial decisions that will drive growth in the new year.
Update and Categorize Expenses Take the time to review all expenses, ensuring they’re properly categorized and updated. Accurate categorization simplifies tax filing and helps you see where money is spent, providing insight for future budgeting.
Prepare for Tax Obligations Stay ahead of tax season by reviewing your estimated tax obligations. Set aside funds to cover upcoming payments, ensuring you avoid last-minute scrambles and financial strain.
Seek Professional Guidance Enlist a financial professional to review your books and provide expert insights. USS Accounting can identify potential issues, ensure compliance, and offer advice on areas for improvement, giving you peace of mind as you head into the new year.
Ensure your business books are ready for a strong close to the year.
By following these steps, you’ll achieve financial wellness and be prepared for a successful new year.
