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Year-End Checklist
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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:
| 1. |
Call
your bookkeeper, accountant, and/or CPA today
and schedule a meeting for within the next month. |
| 2. |
Set
a date to finalize year-end numbers. Give this date
to your financial advisors and get their commitment to
meet it. |
| 3. |
Review funding for retirement
contributions with your advisors. |
| 4. |
Ask
your CPA what issues need to be resolved to
make your deadlines. Most likely they will
include: |
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- Depreciation
schedules (start getting capital purchases
and sales to your CPA now so s/he can start
updating your depreciation schedule)
- Payroll
Reconciliation
- Compare
current year-to-date expenses to prior year
for any unusual/unexpected variations
- Have
your CPA come up with an initial tax
liability estimate for the year by
forecasting remaining revenues and profits
- Work
with your CPA to come up with a strategy to
minimize your tax liability for the coming
year
- Review
needs for working capital for the coming
year, including anticipated capital
expenditures
- Review
current financing and bank relationships,
including line of credit, term loan
balances, and potential financing needs.
- Is
your existing accounting system adequate to
meet management's information needs? If not,
what's the plan to upgrade?
|
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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.
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Business
Resource Services, Inc.
200 First Avenue West | Suite 301 | Seattle WA 98119
Toll Free
800.488.3520 | www.brs-seattle.com
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brs@brs-seattle.com
© 2009 Business
Resource Services
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