Are you ready for the year-end closing of your books?

Are you ready for the year-end closing of your books?

Here we are in mid-October, and before you know it, the holidays will be here, and then 2022! What bookkeeping services are you using now to be sure you are ready to file 2021 income taxes? We are advising our clients to meet with their CPAs soon to discuss tax planning opportunities. You will need your most current financial statements. We provide our clients full financials within ten business days after the month-end. 

Now is a great time to make sure you have collected the W-9s from vendors and contractors. You will need them to file 1099-Misc. Have your accountant review the books for potential tax write-offs. Review all receivables, collect as much as possible, and write off the hopeless ones. Review and reconcile the vendor statements. 

Have you standardized your Chart of Accounts? Differences in Chart of Accounts require additional work and dollars to extract analytical reports. January, (the beginning of most fiscal years) is a great time to create a uniform chart of accounts across your entities. 

The end of the year is also a great time to reevaluate your software platform. For most restaurant operators QuickBooks Online (QBO) is a fine choice. Please compare the cost of your current software to the price of QBO? What about a dashboard? Wouldn’t it be great if you could look at one monitor screen and see exactly where you stand with the information and data that helps guide you in your decision-making? That’s right, and it’s just like the dashboard on a car where all the information necessary is on your screen.  

As the year draws to a close at Indevia, we know now is the perfect time to evaluate your current bookkeeping services. 

We would love the opportunity to discuss how we can make 2022 your best year yet! Schedule a call with one of our Senior Managers or our CEO to determine how Indevia can best serve you and your business.

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