A 2024 Mid-Year Checklist that EVERY Business Should Review
As 2024 reaches its mid-year point, there is no better time than right now for businesses to prepare for the year-end close of books.
Preparing NOW can equate to significant tax savings in this year’s returns! Remember that your business tax decisions also have a direct impact on your personal finances.
To assist you we have a checklist of items every business should complete prior to year-end in preparation for the coming year. We’ve also noted the services we provide to help you get all of this done more efficiently and accurately! We think your time is better spent focusing on growing your business, rather than in the weeds.
- Post your 2023 Adjusting journal entries.
Our team of expert, certified bookkeepers can help with the posting of entries to ensure accuracy!
- Review your trial balance to ensure that it matches your 2023 tax return.
It is important that your trial balance and retained earnings match your prior year tax return before the end of 2024. Why? This is required as the starting point of next year’s tax return, and it is also a great way to ensure a smooth and cost-efficient start to tax preparation.
- Review your fixed asset listing and remove any old assets that are no longer in service. Ensuring your asset listing is up to date can reduce time and added expense during tax preparation.
We regularly assist clients with journal entries to properly record asset clean up.
- QuickBooks Clean Up. Make sure your reconciliation and account balances are up to date and accurate.
We offer a Mini QuickBooks Review service where our experts meticulously review your files and provide a summary letter of any issues.
These reviews include account-specific observations and suggested changes for the balance sheet and profit & loss, general best practices, and enhancement suggestions. Recommendations can also focus on capitalization threshold policies, fixed asset additions, accruals and prepaids, and management of accounts receivable and accounts payable.
- Don’t need a full QuickBooks Clean Up? No problem! You can choose the specific areas you need assistance with. Some common areas of accounting assistance to consider prior to year-end:
- Setting up accrual and prepaid schedules.
- Tracking meals and entertainment expenses in line with IRS treatment.
- Consultation on application integration with QuickBooks Online.
- Bank and credit card reconciliations.
- Do you have employees, sales or assets in any new states? We can help you determine filing requirements prior to tax time.
- Posting adjusting journal entries.
Do you anticipate that you will need to file 1099s for 2024? If so, our accountants can take this off your plate. We can provide the information required to file on your own or we can complete the filing for you.
Develop and review business performance through KPI reports or dashboard to have a clear picture of your business’s performance and financial strength. If you do not have a developed KPI report, we can assist with this as well. Click here for more information about how accurate financial reporting can spell success for your small business.
Should you need assistance with any of these checklist items please to reach out to us. We help our clients get their books in good order BEFORE tax time to put them in the best possible position. Our proactive approach makes us more than an accounting firm – we counsel our clients on a wide range of financial and management issues, resulting in better decision making and more confidence in their success. Click here to contact us today and find out how we can help you strategize and develop your business plan for success!
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This post is shared by Davis & Hodgdon CPAs as a service to our clients, business associates and friends. Recipients should not act on the information presented without seeking prior professional advice. Additional guidance may be obtained by contacting us at 802-878-1963 (Williston) or 802.775.7132 (Rutland).
Recipients should not act on the information presented without seeking prior professional advice. Check with your tax advisor about your specific situation or click here to reach out to our firm for additional guidance.
By Donna London, CPA, Tax Supervisor, Davis & Hodgdon CPAs
