Performing these processes before year-end can save a business considerable time and stress.
Red Wing, MN (PRWEB) December 02, 2015
Follow these simple steps and you will be in control and prepared during a busy time of year that can take its toll on the unprepared!
1. Print an Income Statement, Balance Sheet and Payroll Reports, comparing to last year’s numbers, to review for variances and errors. If there are any amounts that appear out of the ordinary, drill down to transactions to review where the amounts were posted from and make any necessary corrections.
2. If your business qualifies, be sure you have everything in place for Affordable Care Act (ACA) reporting.
3. Record Adjustments and General Journal Entries. Recording adjustments and general journal entries at the end of each accounting period, minimizes the amount of year-end adjustments and ensures correct balance reporting. These detailed entries will be very helpful if you are ever audited and need to justify the reasons for your adjustments.
4. Install Tax Form Updates. Install tax updates prior to year-end, so you will be sure to have all of the most current tax table updates for the new year and any other form printing updates needed.
5. Back up and Archive your Data. It is good practice to back up your data throughout the year. At year-end, it is very important to create a backup of your data, test its integrity, and take a physical copy of the backup and store it someplace safe.
6. Audit accounts payable to be sure you have a W9 on file for every vendor. Check 1099s for Accuracy. Take the time to start reviewing your vendor 1099s before year-end. Check to see that social security numbers or federal tax ID numbers are entered for all vendors. Then print a 1099 report to verify 1099 amounts. At the end of each year you must prepare, print and send IRS Form 1099 to your vendors no later than January 31st.
Red Wing Software, Inc., along with its nationwide network of business partners, offers industry-leading service, as well as training, on-site installation and implementation of the software. Their vision is “Creating the best management software experience”.
Red Wing Software, Inc. develops, integrates and supports the accounting and financial management needs of small- to mid-sized businesses, agribusinesses, non-profits, and municipals across North America. For more information on Red Wing Software products, including CenterPoint Accounting, CenterPoint Accounting for Agriculture, CenterPoint Fund Accounting, CenterPoint Payroll, CenterPoint Depreciation and Red Wing Tax Forms, call 1-800-732-9464 or visit http://www.redwingsoftware.com.