RamonaCreel.com

When summer is over and everyone’s returned from vacation, it’s time to get your office in order. Your first priority is catching up on some basic bookkeeping chores before the end of the year sneaks up on you — including last-minute tax adjustments that will allow you to minimize your liabilities. Once your finances are straightened out, your files are next. And when the work is all done how will you celebrate? Holiday party! Let’s tackle each organizing issue one at a time, with these handy business checklists.

Bookkeeping Chores

• import/input information from company accounts into your bookkeeping software
• reconcile your general ledger to your bank statement balance
• review your assets, liabilities, and payables for accuracy
• catch up on your invoices
• review outstanding receivables for those bad debts that need to be written off
• create a profit and loss statement from the current year, review it for mistakes
• use it to develop a budget for the coming year
• collect taxpayer IDs on those contractors you paid this year, for whom you will file a 1099

Year-End Tax Planning

• meet with your accountant/advisor to review strategies for minimizing taxes due
• review upcoming receivables that can be delayed into next year to lower current-year tax bill
• consider prepaying for membership dues, subscriptions, or career development courses
• plan and budget to make any large purchases of equipment/supplies before December 31st
• make sure that you’re on-target to maximize deductions for your company retirement plan
• gather documentation related to 179 deductions/depreciation for tangible personal property

Archiving Inactive Files

• monthly/annual financial statements
• personnel and payroll records
• retirement and pension records
• bank and credit card statements
• investment trade confirmations and stock records
• employment applications
• expired insurance policies
• invoices and expense receipts
• supporting documents for tax returns
• property records and improvement receipts
• income tax payment checks and returns
• important correspondence and legal records
• CPA audit reports
• corporate documents — incorporation, charter, by-laws
• licenses, patents, and trademarks and registration packets

Holiday Party Planning

• are spouses and families invited, or just employees?
• how and when will you send out invitations?
• will you focus on business issues or just have a party?
• will employees contribute to the cost of the party? bring food? help set up?
• do you need to accommodate any special dietary requirements?
• what is the most appropriate venue — on site or at another location?
• what will you need in terms of parking, disabled access, supplies, equipment, amenities?
• what sort of decorations will you want — banners, flowers, centerpieces, balloons?
• how will you go about purchasing or requesting donations for raffle prizes?
• what will your schedule for the evening look like — time for speeches, presentations?
• will you hire caterer and serving help or do the work yourself?
• will you hire entertainers or arrange a sound system and select recorded music?