"Behind every good business is a great accountant... and behind them is a trail of coffee cups and hilarious memes!" – Anonymous
Ah, the end of the year – a time of festive cheer, reflections, and... panicking over your e-commerce books. Fear not! Instead of drowning in numbers and regretting all those uncategorized expenses (like that questionable llama-themed office decoration), follow this guide to get your books sparkling clean. And don't worry, we've sprinkled in some laughs to make the process less taxing (pun intended!).
Look at that bank statement. Now, back to your records. Now, back to the statement. Aren't they matching yet? Let's make sure they're twinsies before the new year!
Cross-check bank statements vs. accounting records
Update records to match
Counting inventory can be like finding out how many licks it takes to get to the center of a Tootsie Pop. The world may never know... unless you actually count.
Conduct a physical inventory count
Adjust for obsolete/damaged items
Update inventory records
For those clients playing hide and seek with their payments, it's time to say, "Ready or not, here I come!"
List all outstanding invoices
Follow up with pending clients
Update or write-off old debts
Going through outstanding bills is like finding leftover Halloween candy - some are treats, and others... well, nobody likes licorice.
List all unpaid bills
Prioritize and schedule payments
Confirm entry into accounting system
Got a computer from the Stone Age or a desk on its last leg? It's time for the Great Asset Check!
List all business assets
Calculate yearly depreciation
Update asset values in records
If your loan balance was a TV series, we’re aiming for a satisfying season finale, not a cliffhanger.
Confirm outstanding loan balances
Match records with lender statements
Adjust for any discrepancies
Remember that impulsive purchase of 500 rubber ducks for "business purposes"? Let's make sure it's accounted for!
Review all business expenses
Categorize and validate each expense
Correct any mistakes you find
We know Karen from Accounting changed her address 3 times, but who’s counting? Oh wait, we are!
Review employee/contractor data
Update addresses, wages, etc.
Prepare year-end tax forms
Meeting with a tax professional is like visiting the oracle – expect profound insights and maybe some confusing prophecies about deductibles.
Consult with a tax professional
Ensure all deductions are recorded
Set aside funds for projected tax liabilities
At last, the epic finale! Unveiling your financial reports should feel like a drumroll moment.
Generate year-end financial statements
Review for accuracy and completeness
Adjust as needed for clarity and precision
If you laughed, chuckled, or even smirked while reading this, then we've made accounting a tad bit fun. Remember, a tidy book means a happy business and fewer surprise llama décor expenses next year!
Got a mess only a superhero accountant can fix? The Bookkeep Team, with capes flapping in the e-commerce wind, is here to rescue you! Don't let your financial woes be the meme of 2023.
Join the Bookkeep Team now, and let's clean up together!
Click the SUPERHERO to schedule a FREE consult on how to take all this off your plate!