Your Year-End Catch-Up Plan for Small Business Owners!

As we approach the end of the year, it's a great time to catch up on your bookkeeping and ensure your finances are in order for tax season. If you're feeling behind, don't worry! Here's a simple catch-up workflow to help you get back on track and finish the year strong:

1. Start with Bank Reconciliations - Reconcile your business bank and credit card statements to make sure your records match what the bank has. This is one of the most critical steps in ensuring accurate financial statements and identifying any discrepancies early.

2️.Categorize Your Expenses Properly - Categorize all expenses to ensure you're ready for tax time. This includes office supplies, marketing costs, professional fees, and any other deductible items. Accurate categorization will make your year-end tax filing smooth and stress-free.

3️.Review Accounts Payable & Receivable - Take a look at any outstanding invoices or payments. Are there any past-due accounts you need to follow up on? Keeping your A/R and A/P clean will improve your cash flow and ensure accurate reporting.

4️.Update Your Financial Reports - Review your income statement and balance sheet for accuracy. Ensure that all income and expenses are recorded correctly. If you spot any inconsistencies or missed transactions, now’s the time to fix them!

5️. Plan for Tax Deductions - Review any last-minute purchases that could be deductible. This might include office equipment, software subscriptions, or business-related travel expenses. Proper categorization ensures you maximize tax savings.

6️.Consult with a Professional - Need assistance? Partnering with a bookkeeping professional can save you time and ensure everything is accurate before year-end.

Reach out for a personalized review of your financials!

Don't wait until the last minute—taking these simple steps now will save you time and stress as you close out the year. Need help with your bookkeeping? Let MMF Business Solutions take care of it so you can focus on growing your business!