Preparing Your Books for Year-End

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Key Takeaways

  • Maintaining year-end readiness throughout the year is key to a successful year-end close.
  • The earlier you prepare your accounting records for year-end, the better.
  • A team of trusted advisors can provide guidance and support to simplify year-end.

Here to help simplify year-end planning and compliance.

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You shouldn’t wait until December to start thinking about year-end preparations. By maintaining year-end readiness throughout the year, you can make the whole process easier and avoid surprises during the reporting period.

There are many items to consider as you prepare your accounting records for year-end. To help ensure you don’t miss anything, and you can start the new year strong, we’ve compiled several checklists you’ll want to keep in mind as you close out the year.

Balance Sheet Checklist

To maintain financial accuracy and compliance, it's crucial to periodically review and reconcile your balance sheet. This checklist provides a comprehensive overview of key tasks and considerations for ensuring your balance sheet accurately reflects your financial position.

From reconciling accounts to managing liabilities and equity, these steps will help you maintain a clear and precise financial record.

  • View the Checklist

Profit and Loss Checklist

Keeping your financial records in check is essential for maintaining the accuracy and health of your business. This checklist provides a comprehensive guide for reviewing your profit and loss statement. From examining revenue accounts to ensuring compliance with tax regulations, this checklist will help you assess the completeness and accuracy of your financial data.

By following these steps, you can better understand your business's financial health and make informed decisions for the future.

  • View the Checklist

Year-End Data Checklist

As the year draws to a close, it's essential to ensure your financial records are in order and prepared for the next fiscal period. This checklist offers a range of practical tasks to help you safeguard your financial data, maintain the integrity of your accounting software, and set the stage for a fresh start in the upcoming year.

From data backup and closing procedures to document retention, these steps will help you streamline your year-end preparations and enhance your financial management practices.

  • View the Checklist

The Importance of Preparing Your Books for Year-End

If you use these checklists in your year-end preparations and maintain year-round readiness, you’ll set your organization up for a successful year-end close.

We highly recommend maintaining year-round readiness to simplify the year-end process and prevent last-minute surprises during reporting. If you need help, a team of trusted advisors can be invaluable in providing the guidance and support you need to take a proactive approach to year-end preparations.