Year End Checklists are necessary for any size business.
1. All Invoices entered.
2. All Receipts recorded.
3. Check and print Profit and Loss and Balance Sheets to make sure the numbers look right.
4. Run a Trial Balance to get ready for Tax Prep.
5. Verify vendor information for 1099s. Delete or make inactive old vendor accounts.
6. Send out year end statements to customers with balances so they can clean up their own year end checklists.
7. Reconcile Accounts Receivable and make sure you haven’t lost track of any income.
8. Check the new tax laws for 2019 that relate to your business, your state, and your payroll.
*** New TX Law: Employers must provide statement to employees that they may be eligible for the Earned Income Tax Credit (EITC) **** (No later than March 1st of each year.)
An employer may provide notice to its employees in any of the following ways:
- In person
- Electronically at the employee’s last known email address
- Through a flyer included with a pay stub (wage statement), in paper or electronic form
- By first-class U.S. mail to the employee’s last known address
9. Get your documents in order for the accountant.
10. Call or email us for a consultation if you need assistance with any of these steps. We accept most projects from simple to complex.