A Mid-Year Checklist that EVERY Business Should Review

As we pass the halfway mark for 2023, don’t forget to prepare for the year-end close of your books!

For your reference we have a checklist of items every business should complete prior to year-end in preparation for the coming year. We also included the services we can provide to help you get all of this done efficiently accurately! Preparing now can potentially save you tax dollars for this year’s return.

  • Post your 2022 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 2022 tax return.
  • Review your fixed asset listing to clean up the list and remove any old assets that are no longer in service.
  • QuickBooks Clean Up. Make sure your reconciliation and account balances are up to date and accurate.
    • We offer a Mini QuickBooks Review service. We can review your files and provide a summary letter of any issues noted.
    • These reviews include account specific observations and suggested changes for the balance sheet and profit & loss, general best practices, and enhancement recommendation. Including recommendations on capitalization threshold policies, fixed asset additions, accruals and prepaids, and management of accounts receivable and accounts payable.
  • Do you anticipate that you will need to file 1099s for 2023? If so, we can assist! 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 tips or anything else that might not be included here 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 Davis & Hodgdon today and find out how we can help you!

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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.

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