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5 Dec 2018

Year End – what do you need to do?

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It’s nearly year end – it’s time to talk bookkeeping! So, what do you need to be doing as a business owner?

The first thing you need to think about is your bookkeeping. Is it up to date? Are you using a software like QuickBooks? Is it up to date? What do I mean though when I say “Up to date”? I mean are all the transactions entered up to date? Are all the bank accounts and credit cards reconciled? Has everything been accounted for?

It is important to meet with your CPA before the end of the year so that they can see your Profit and Loss and Balance Sheet and review where you are financially. Most importantly they can advise you on anything you might need to do before the end of the year.

Another reason is that you need to know where you are financially. What was your revenue for the year? How was your gross profit margin? What were your expenses? How much was your net profit? These are all important numbers that you, as the business owner, need to know – and not just at the end of the year. Above all, you need to know these numbers every month so that you can make informed decisions throughout the year and improve the profitability of the business.

How can we help you today? Do you need us to get your bookkeeping up to date? How else can we serve you today? You can reach me at kerry@chooseabacus.com and we can arrange a time to chat and see how we can help you take your business to the next level.

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