2016 End of the Year Accounting To-Do’s

All business owners know that the end of the year is a very important period when it comes to finances and taxes. Not only will your company experience a growth in year-end sales, you will also find yourself busier attending to other aspects of the business. This is why it is necessary to ready the list of things you need to prepare for next year’s tax season.

Here is a basic guide to help you prepare your business for end of the year accounting:

• Compile all your business expenses.

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One of the things you should prioritize is your business expense. If you have been diligent with your transaction records, you should be able to easily pull up a table of your total expenses per month. If you were able to do this throughout the year, then, congratulations! You can consider the hardest part already done.

If you are not ready with your end of the year computation of total expenses, you will need to do a lot of paper work and computer work. You will need to look for order slips and match them with the appropriate invoices. After which, you will have to attach the corresponding receipt of the transaction. Once you have all these together, you can promptly submit them to your accountant.

To expedite your year-end accounting, be sure to implement a good filing process for your company. This could be a traditional paper filing system or a more convenient digital system through the use of accounting software or apps.

• Check if any of the tax laws in your state have changed.

Another way to stay ahead of the game is to check as early as now whether or not your tax policies for the next business year will remain the same. Remember that tax rules change periodically; if you wait until the last minute to read up on these changes then you’re going to have a hard time adjusting, and this could lead to delays that will affect your ability to meet the deadline.

One example of common changes is the type of requirements asked to be submitted. Keep your company’s permits, licenses and other records handy so you can easily file them together with your business expenses and other tax exemption requirements.

• Study what your tax exemptions really mean.

Believe it or not, there are still a lot of business owners that submit their tax requirements without really understanding what they mean. When asked about exemptions, many of them are unsure about just how much they will get deducted, and how much they should be expecting in return.

This discrepancy will create a problem in your books because you will not be able to project the proper amount for deductions and reimbursements. Tiny details like these will create holes in your business report, and this could affect the credibility of your business from the standpoint of financial integrity.

• Allot a budget for costs on tax liability.

Sometimes, business owners get shocked when they are charged certain penalties or fines. However, there is no way of knowing if you need to pay these fines until after you’ve submitted your tax report and it has been reviewed. It would be a wise financial move to safeguard an amount for these costs early on, so you won’t have to worry about creating an imbalance in your cash flow later in the year.

If you are a business owner in need of professional assistance for your year-end accounting, look no further than Hazzouri Accounting and Tax Service. We are fully capable of delivering your accounting and taxation needs, especially during these busy months of the holiday season. Call us at 734-844-1614 to know more about our services!

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