The end of the financial year is a busy time for small businesses. There’s a lot to do to wrap up the year and prepare for the next one, including completing your taxes. To help you stay on top of things, here’s an end-of-year financial checklist for small businesses and how a CPA can provide valuable financial advice and guidance.

Small Business End-of-Year Financial Checklist

1. Review last year’s revenue goals: How did you perform against your revenue goals last year? The answer to this question will help you set realistic goals for the following year.
2. Run year-end financial reports: This includes your profit and loss statement, balance sheet, and cash flow statement. These reports will give you a snapshot of your business’s financial health and help you identify areas for improvement.
3. Reconcile your bank accounts: Make sure your bank statements match your accounting records. This task will help you catch any errors and ensure accurate financial statements.
4. Review your accounts receivable and payable: Ensure you’ve collected all your outstanding invoices and paid all your bills. This review will help you maintain a good cash flow position.
5. Take inventory: If you have inventory, take a physical count at the end of the year. Subsequently, you can track your inventory levels and ensure accurate financial statements.
6. Prepare your tax return: Gather all your tax documents and prepare your tax return. If you’re uncomfortable doing this yourself, you can hire a CPA to help you.
7. Make estimated tax payments: If you expect to owe more than $1,000, you’ll need to make estimated tax payments. Paying in installments will help you avoid a large tax bill at the end of the year.
8. Update your financial plan: Review your business’s financial plan and make any necessary updates to help you stay on track to achieve your financial goals.

Benefits of Using a CPA

If you’re a small business owner, you may not have the time or expertise to handle all of your year-end financial tasks on your own. That’s where a CPA can help.

A CPA can help you with the following tasks:

• Reconcile your bank accounts
• Review your accounts receivable and payable
• Take inventory
• Prepare your tax return
• Make estimated tax payments
• Update your financial plan

In addition, a CPA can provide valuable financial advice and guidance. They can help you understand your financial statements, identify areas for improvement, and make better financial decisions for your business.

Expertise You Can Trust

Following the end-of-year financial checklist for small businesses is a complex and multifaceted process that requires expertise and careful attention to detail. The CPAs at FSL Tax and Accounting Services LLC work with real estate agents, cannabis companies, Amazon DSP Owners, law firms, and other small business owners. We bring a wealth of knowledge and experience to the table, offering invaluable guidance to entrepreneurs. From assessing financial health and budgeting to tax planning and risk assessment, we help small businesses finalize their end-of-year financials and prepare for the following year.

Call FSL Tax and Accounting Services LLC at 678-702-7218 for a free consultation or complete the online form. Remember, partnering with our expert CPAs can save you time and help you make better financial decisions for your business.