How to Prepare for a Corporate Year-End (Made Simple) #shorts

One of the questions we get asked is what should we do to prepare for year end the answer is really you have to have up to date bookkeeping records so 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 identify all of the items which are assets or liabilities going through a couple other ones 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 sat.