This is a busy time of year for everyone. And as you anticipate time off for the holidays, relaxation may seem an indulgence.
There is year-end closing to do, a business tax return and employee healthcare coverage forms to file with the IRS, W-2s and W-3s to prepare and maybe 1099 compliance to check. Because not far behind the ringing of bells, raucous family gatherings and days at a stretch away from your desk is tax and audit season.
In the midst of this activity, evaluation of data security and accounting solutions only makes sense. Your business runs best with accessible, up-to-date, accurate records that are safe from cyberthreats and internal fraud.
So as you build your holiday gift-giving list, use this checklist and consider whether it’s time to give yourself some year-end accounting support.
- Ensure you’ll be able to file taxes on time. Don’t forget CARES Act-deferred Social Security taxes are
due December 31. - Reconcile your accounts and close your books so you are ready for tax filing and an audit (if you are
selected). - Gather fixed asset purchase and related loan documentation. You’ll be grateful you have it at hand if
you’re audited. - Update your payroll records. This prevents headaches in W-2 and 1099 distribution.
- Back up your accounting software and check that financial statements, inventory, business receipts,
etc., are present in your stored files.
Need to outsource your accounting or get expert advice on the finances of your business? Call on LTD Global. Through our two-plus decades’ experience, we have expertly helped our clients manage their operations to help them set and enable them to achieve their goals. Our professional staff can lighten your year-end load for a lower stress holiday. Get a complimentary assessment. Call us today at (925) 598-0056.