How to Make Year-End Accounting Easier with QuickBooks

2020 has been one of those years that just seems to drag on and on, and while most of us are probably looking forward to 2021, there’s still some work to be done in 2020. With the business year soon coming to an end, and as an experienced Maryland accountant, we wanted to take some time today to talk about how QuickBooks can make your year-end accounting easier.

Reconcile Your Bank Accounts

Keeping an accurate accounting ledger can be difficult, and mistakes naturally do happen, which is why it’s so important to make sure your QuickBooks is in step with your bank statements. QuickBooks makes this process extremely easy, and it will even check for any mistakes made by the bank/ or credit card company.

Complete an Inventory

If your business requires you to keep different kinds of products in stock, then you know how important it is to keep up to date with the state of your inventory. With the Advanced Inventory feature in QuickBooks, performing inventory counts has never been easier! You can even scan barcodes and upload them right into QuickBooks. If you’re not sure how to use this feature in QuickBooks, then be sure to contact an experienced Maryland QuickBooks accountant.

Project Your Income and Losses

When one business year comes to an end, that just means the next one is around the corner, and you need to start preparing! QuickBooks can help you plan for your next business year by analyzing your accounting records. You can project future profits and losses with QuickBooks and can plan for taxes.

Verify Your Customer Accounts

The end of the business year is a great time to check on your customer accounts, and make sure everything is as it should be. This is also a great time to ensure all your expected income has been collected, and that you don’t have any outstanding payments.

Work with an Experienced Maryland Accountant

Here at CFO Source, we’ve been providing Marylanders with our QuickBooks accounting services for years, and we hope to do so for many more! If you’re looking for some accounting help for your Maryland business, give us a call! Our team of Maryland QuickBooks experts is standing by ready to help.