Well, here we are at year end! That certainly came before we knew it! Here’s a few things you can do to make sure you’re ready for tax season and a profitable 2023!
Review Your Expense Accounts
Review expense accounts to make sure each entry is classified correctly. Some expenses may need to be adjusted and posted as fixed assets, prepaid expenses or other balance sheets accounts.
Complete Bank Reconciliations
Reconciliations for bank accounts and credit accounts should be completed the first week of January. If you have any uncleared transactions, you may need to do some research and you’ll want to give yourself enough time to do that. Uncleared transactions can have a direct effect on your expense, liabilities and asset accounts and adjustments might be necessary.
Perform a Payroll Report Analysis
Reconcile your 941’s and compare them to your payroll reports to ensure proper reporting for wages and taxes. Be sure to enter any third party payroll, such as disability and FMLA payouts into your payroll system.
Get signed W9 Forms From Your Vendors
1099 forms should be mailed no later than January 31st to any independent contractor you hired, that may be the cleaning staff, consultants, sometimes even staff members. Request a completed W9 form from your vendors/contractors to have their tax ID numbers on file.
Start a 2023 Budget
Get ahead of the game for 2023! Start planning a budget by reviewing 2022’s financial statements. These will give a lot of insight into income and expenses and will drive the financial forecast and budget for 2023!
We know, this is a lot! Not to worry, we’ve got you covered! If you need help with your year end process, Hemlock Business Solutions has accommodating bookkeeping packages to suit your needs. Visit our contact page to connect with us today!
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