Year-End Tips from the Top Provider of Business Accounting Services in Fort Collins - Tally Services

As crazy as it may seem, another year has nearly come and gone. As you prepare for the end of 2019, it’s important to make sure all of your annual bookkeeping and accounting tasks are buttoned up in time to ring in the New Year and make sure your books are in order to file business taxes soon. Tally Services offers business accounting services in Fort Collins, and we’re here to help your small business wrap up the year and look ahead to 2020. Our top year-end tips include: 

1. Gather and Organize Your Documents: Since the year is coming to an end, now is the time to make sure all your documentation is in order and you are ready to start on your taxes. You will need to make sure you have the following kinds of paperwork on hand and ready:

• Credit Card Statements

• Bank Statements

• Payroll Reports

• Loan and Bank Documents

• Inventory Information

• Merchant Statements

• Updated AR & AP Reports

• Last Year’s Tax Return Documentation

1. Check Your Inventory: Not only will you need updated inventory counts and information for tax purposes, but also now is a good time to see which of your goods and services sell best and give you the best return. That way, you can make a solid game plan for 2020 and determine where to focus your energy. 

2. Work on Your Income Statement: An income statement (also known as a Profit and Loss Statement) details the money coming in and out of your business. This documentation is important for year’s end to properly report income and expenses to the IRS for your taxes, and also so you can see trends and get a sense of how things are going overall for your business. As you work on your income statement, consider the following: 

• Where can I cut expenses?

• Is there anywhere that I can increase profit?

• Is there anything missing, out of place, or suspicious?

• Are there any outstanding accounts that I can collect on? Do I have any outstanding bills left to pay? 

• Are the payroll totals, including salaries and employer taxes, accurate?

• Is anything confusing or not adding up?

1. Create a Balance Sheet: A balance sheet is documentation that details the financial position of your company at any given point. You will likely need a balance sheet for the end of the year. You’ll use this to show the value of your company, including all of your assets and liabilities, as well as the equity of the company, through this report.

2. Make Any Necessary Year-End Adjustments: Before you finish your company’s books for the year, you’ll want to make sure that everything is perfect. Are there any adjustments that need to be made? Does everything add up, and is everything accounted for? If not, now is the time to get it all sorted out. 

3. Start Your Tax Forms: Tax time will be here soon. Start looking ahead to sending out your employees’ W-2s and 1099s, as well as getting your taxes in order to file in early 2020. 

4. Ask for Help! The end of the year is one of the most difficult times for small business owners. Not only are the holidays often challenging from both a staffing and work-flow standpoint, but they are also some of the most busy from an administrative perspective, as well. If you have too many things on your plate, Tally Services is here! We offer bookkeeping and business accounting services in Fort Collins to allow you to focus on running your business!

If just the talk of year-end accounting and tax season has you sweating, Tally Services can help! We offer bookkeeping and business accounting services in Fort Collins for businesses of all sizes, and we’re really good at what we do. We’ll help you manage your books, payroll, business tax prep, and more, so you can focus on what matters – running your company! Contact us today to learn more about how we can help you, too.