Year End Tips – by Jenny DeBello of Jenny Does the Books

As we approach the end of the year, most of us are enjoying the excitement of the holiday season and the anticipation of a new year ahead. I always look forward to this time to reflect on my accomplishments and missteps in life and in business. It’s an opportunity to set new goals and dreams for the coming year. A few simple tips can help you assess your business and set you in the right direction for 2023. Here’s a list of year end tasks I implement to make sure I’m organized and prepared for tax time. I hope you find these suggestions helpful for your business too!

1. Reconcile

This applies to all accounts in preparation to close your books at the year end. This is a great way to catch any potential errors that may have slipped through the cracks throughout the year.

2. Review

Look over financial statements in preparation for tax time. Are there any missing expense write offs that may reduce your taxable income? Now is the time to make these adjustments.

3. Organize

Ensure your files and paperwork are in order. This makes finding documentation your CPA may request quickly and efficiently.

4. Budget

Compare your annual budget to actual income and spending– How did the year stack up? Did you meet or exceed your goals or were you off the mark?

5. Goal Setting

Here’s my favorite part! Bookkeeping is just the beginning. Once your books are up to date, all that information becomes a powerful tool. That data sheds light on where your business is so you can decide where you want to be! I like to start with a 3 month and one year cash flow projection. Then I write down some “big dreams,” or where I see myself in 5 years. This provides a short term & long term picture I can use as a jumping off point for achieving these goals.

6. People

Our businesses are nothing without the people who work hard for us all year to help us achieve our big dreams. Consider bonuses or other rewards to show our employees and contractors our appreciation for their efforts.

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About Jenny Does the Books

Jenny takes the burden of managing your books completely off your desk, so that you can focus on building your business and serving your customers. If you feel your books are “messy,” need cleaning up, and/or you recognize you need an experienced professional to balance this for you from A-Z, you need to talk to Jenny!
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