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Year End Accounting Guide

The leaves are turning and the days are noticeably shorter. Year end is not far away and 4Q sales opportunities are in the front of everyone’s mind. As you’re working your way through the next three months, here are a few items you should be checking off your list so you’re in the best financial position for 2016.

  • Year End Accounting Guide bookskeepCheck in with your CPA, share your Year to Date financials and your 4Q projections. Ask for a quick review of your tax position and for any strategies they can provide to improve it. Some of the strategies may require you to act before the end of the year. So give yourself some time to plan and execute this quarter.
  • Do a quick assessment of your Inventory as of the end of Q3. Do you have the Buy Cost entered in InventoryLab for all your items? Does the value of your inventory at Amazon match your books? Do you have inventory to write off?
  • Are you using independent contractors? Do you have w-9’s on file for them? If not, request them this quarter so you are not begging for them in January.
  • Bank reconciliations are also needed for all your bank and credit card accounts. Are you caught up?
  • Finally, do you have a plan for your 4Q profits? If not, each month during Q4, verify that you have made extra profits and then move those funds into a savings account. This removes the temptation to splurge on nonessentials while you take a few weeks to recover from year end and develop a plan for those funds.

Quarter 4 begins today – make it great!