Organize Year-End Accounting and Expenses
Catch up on bookkeeping! If you need to catch up on your accounting tasks, do it now.
Wrap up all outstanding bills and payments before Dec 31.
Collect any past-due invoices.
Review year-end financial statements to plan for tax savings.
Based on your review, are there things you can prepay for 2023 to reduce your taxable income this year? (ad spend, equipment, subscriptions, etc).
Any vendors you paid more than $600 to? Be sure to get their W-9 so you can do their 1099 filing.
Meet with your accountant or tax professional to prepare.
List any major purchases or fixed assets for the year to prepare for depreciation calculation.
Complete end-of-year inventory if applicable.
Hold an “Annual Meeting” if you are a Corporation or LLC, and record the date and time.
Fund your retirement accounts.
Review insurance and benefits and make any changes necessary.