The economic challenges
of the past year mean that having timely and accurate
financial data is all the more critical to help make
sound decisions for your company.
Get a head start on tax
planning by setting a schedule to finalize your
statements for the year so that you can take proactive steps before the tax season rush.
Here's a checklist:
your bookkeeper, accountant, and/or CPA today
and schedule a meeting for within the next month.
a date to finalize year-end numbers. Give this date
to your financial advisors and get their commitment to
||Review funding for retirement
contributions with your advisors.
your CPA what issues need to be resolved to
make your deadlines. Most likely they will
schedules (start getting capital purchases
and sales to your CPA now so s/he can start
updating your depreciation schedule)
current year-to-date expenses to prior year
for any unusual/unexpected variations
your CPA come up with an initial tax
liability estimate for the year by
forecasting remaining revenues and profits
with your CPA to come up with a strategy to
minimize your tax liability for the coming
needs for working capital for the coming
year, including anticipated capital
current financing and bank relationships,
including line of credit, term loan
balances, and potential financing needs.
your existing accounting system adequate to
meet management's information needs? If not,
what's the plan to upgrade?
a date and a person responsible for resolving each of
these issues. Put these dates into your calendar and
have weekly progress meetings. Establishing a written
year-end closing procedures checklist for accounting
staff and management personnel will help you to achieve
your goals of a timely, accurate and cost efficient
financial close for 2009 and all future years.
Resource Services, Inc.
200 First Avenue West | Suite 301 | Seattle WA 98119
800.488.3520 | www.brs-seattle.com
© 2009 Business