For those with a fiscal year end of December 31, it's the time to start thinking about what you need to take care of before you ring in the new year. Here are some basic steps to get you going:
- Make sure that you have all your bills entered into Payables and you're in agreement with the vendor statements you get. It's important to know on December 31st what you have paid for in advance (like half of a cell phone bill) and what you still owe.
- Get your Receivables in order too. Print statements and get them out to your clients as soon as possible so that they know what they owe as well. It's much easier to get the time to compare notes before everyone is on holiday vacation.
- Do you need to spend down some cash on new equipment before the year's end?
- Do you have any trust accounts (tenant deposits or deposits on your services)? Now's the time to make sure your totals are where they should be.
- Do you want to move to a new accounting system or do you want to create a new company file in your current accounting system. Now is the time to explore and plan for that.