ear-End Made Easy: Tips for Perfecting Your Business Finances! #shorts #corporatetaxplanning

What should we do to prepare for our year end and to help really support an effective and efficient year end process for your business? If you have up to date bookkeeping records that's going to be step one. And what happens is we get to the year end date and as part of the year end we've got that profit and loss which is no problem but we've got our balance sheet and on our balance sheet we've got assets, liabilities and equity. What we need to do to properly support a year end file, you need to go through that balance sheet and identify all of the items which are assets or liabilities. You need support and you need to provide support as to why that balance sheet number is what it is. For example accounts receivable, accounts payable, you should be tracking those, you should have listings for those. Every number on the balance sheet as an asset or liability you have to provide support for. That's how we make sure that everything is accurate, complete and properly reported.