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Accountants and business owners have a busy time during year-end period as multiple activities are required to close books for the financial year. We have listed some major activities related to bookkeeping that needs to be done to prepare the books for year-end closure. This list is by no means exhaustive and also excludes industry specific activities. Further some activities may not be applicable for a particular kind of business. Year End Bookkeeping Checklist - Finalize sales invoices and recoverable works
- Review other revenue accounts for reasonableness
- Review aged receivables with accounts receivables
- Review and approval of all journal entries and check disbursements
- Aged payables should match with accounts payable
- Reconciliation of customers & vendors
- Check all payroll expenses
- Accrual of expenses & taxes (payroll, rent, utilities, property tax & sales tax)
- Reversal of all previous month accruals
- Reconciliation of all bank accounts & credit cards
- Check all expense accounts according to their trends
- Reconcile non-current loans and advances
- Check all tax liability payments
- Prepare all tax forms according to their frequency
- Post the entry of depreciation/amortization
- Check all liability and asset accounts
- Verify cash short/ over
- Suspense account should be zero
- Reconcile inventory physical to general ledger
- Reconcile prepayments to general ledger
- Review long term gains for reasonableness
- Establish whether revaluation is required
- Check all interest bearing liabilities
- Review for final adjustments and reconcile to general ledger
- Post the necessary general entries after confirmation from client for finalization of accounts
- Verify income statement to balance sheet
- Analyze the gross profit as per prior month ratio Outsourcing bookkeeping may be a good option in today’s tough economic slowdown, not only for managing the year end activities but keeping up to date books as and when needed. There is no need to mention that Bookkeeping Outsourcing services could save you a lot, but at the same time it is assured that your bookkeeping is treated specially, giving you error free books and also customizing it to suit your needs.
The decision to outsource bookkeeping can be an easy one. If there is a company or individual that can do it better, faster, and cheaper than you, then you do not want to keep the work in house. Outsourcing has become an accepted business tool worldwide. By turning over business processes to companies that consider these tasks their core competency, organizations now have the ability to become more profitable, more efficient and far more competitive by focusing on the tasks that are most important. For more information visit here - http://www.outsourcinghubindia.com/ Online bookkeeping and Bookkeeping Outsourcing have vital effect in today’s world. Businesses of any sizes can benefit from this combination. Outsourcing bookkeeping through the web based platform is a great offer in today’s era.
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