As the tax year comes to an end, it is imperative to have all financial statements updated and accurate for IRS filings. Luckily, with Logistis for Designers’ services, your books are accurate and updated as far as you have been providing your bookkeeper with the appropriate information requested.
- All W-9’s Collected for the year’s contractor work for services over $650 paid in cash or check and submitted to your bookkeeper.
- Work with your bookkeeper to ensure that all uncategorized expenses and income are booked correctly.
- If any business expenses are charged on your personal credit cards, please group the totals and send them to your bookkeeper. They will enter the amount in QBO in order for those expenses to be accounted for on your Profit & Loss Report.
- Complete an audit of your inventory and send your bookkeeper the total amount used if inventory is tracked.
- Communicate with your bookkeeper to ensure that all details are entered for tax payments through the entire year.
- Review your Profit & Loss with your bookkeeper to double-check for any red flags (this can also be completed in January during your designer monthly call)
- Send a copy of your updated Financial Statements to your CPA before your tax deadline. We recommend asking your tax preparer to review and determine if there are any additional opportunities for tax savings.
- Is everything updated in Ivy? Double-check that all paid proposals are invoiced and all payments are posted. Keep in mind that your bookkeeper is updating your books through the end of the year and if everything is updated to that date it will be easier for accuracy as your bookkeeper will not have to work backwards.
- If included in your package, do not miss your January monthly check-in call with your bookkeeper as this call is important to double-check that everything is on track to close your books & get your final draft of your financials to you and your CPA.
- Lastly, reflect on the year. What did you do well? What could you have done better? Learn from your mistakes and accomplishments this year without looking back and run into the new year with more energy and drive than ever!
- Write down 3 financial goals and share them with your bookkeeper as they can help you stay on track in the new year.
If your New Year’s resolution involves alleviating tax season stress, streamlining your bookkeeping process, or simply gaining a better understanding of your firm’s finances – reach out to us. We are always here to make life a little easier for you!