Year End Accounting Checklist

The end of the year is a great time to reflect back on everything you’ve accomplished, and is one of the best times to go over your businesses’ numbers. At CFO Source, we’ve been providing Maryland small business owners with our accounting services for years, and plan on doing so for many more. We wanted to talk today about a few important year-end accounting procedures.

Analyze Your Financial Records

The whole point of going into business is to make money, which means analyzing your year-end financial records is one of the most important things you’ll do all year. You can analyze your data yourself, if you have some business experience, or you can work with a professional Maryland accountant, who will be able to provide you with insight and analysis on your data.

Collect Any Past Due Invoices

Tracking down customers who failed to pay their invoices can be an arduous process, but is one that must be completed nonetheless. At the end of the year you should go through all of the invoices you issued and ensure all of them have been paid. If you come across a few customers who have still yet to pay, you’ll need to contact them. You may need to establish a payment plan.

Check Your Inventory

Managing your inventory is an extremely important part of running your business, and one of the most important inventories you’ll take all year is your year-end inventory, as this is what will set you up for the coming business year. The more detailed and thorough your inventory taking, the better set up you’ll be.

Get Help From a Professional Maryland Accountant

Need a hand closing things out for the year? Trying to wrap everything up can be a daunting task when performed alone, make things easier on yourself by working with an experienced Maryland attorney. We’ve worked with businesses of all sizes and from many different industries. Get into contact with us today to learn how our team of accountants can help you.