Annual Accounting Checklist

The end of the year is the perfect time to reflect back on the year that was, in both your personal and business life. At CFO Source, we work with all of our clients to help them wrap up their end of the year accounting. We wanted to take a little bit of time today to talk about a few things you should do to help close your accounting books on 2021.

Seek Payment For Any Unpaid Accounts

Trying to track down those who failed to pay their invoices can be a difficult and unsavory task, but is one that needs to be completed nonetheless. Work performed, should be work paid, that’s just a basic business concept. You may have to seek legal help in order to finally get paid, or may have to develop a payment plan with your customer.

Formulate and Review Your Income Statement

The whole point of going into business is to make money, and your income statement is the document that will tell you how much profit you made. Your income statement will include things like your revenue, tax expenses, operating expenses, depreciation, and lots of other financial costs and gains. We recommend you work with a professional Maryland accountant when forming your income statement, or else you could be leaving some costs of your sheet.

Take a Thorough Inventory

It’s always a good idea to keep good track of your inventory, but at the end of the year we recommend most business owners perform a complete inventory. Get a headstart and enter 2022 with complete knowledge of your inventory. Doing so will mean you know what will need to be ordered, and what can wait.

Get Assistance From a Professional Accountant in Maryland

Need some help performing your end of the year accounting? Get into contact with us today! Our team of knowledgeable and experienced Maryland accountants is standing by ready to help you in any way possible. We’ve worked with businesses of all sizes, and from many different industries, we know we’ll be able to help you too.