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How to Prepare Your Business for the End of the Year

We spotted this post on the Kashoo blog:

Yes, it’s here: the end of the year, and a busy time for you as a solo practitioner or small business owner! As the new tax-filing season looms in the first quarter of the new year, it is also the time for you to review your business finances.

If you have been faithfully utilizing your small business accounting software, it should be very easy for you and your accountant to generate the reports and financial statements necessary for your end-of-the-year review session. Year-end financial statements are used to prepare taxes, are used as the foundation for all other reports in the future, and are used to assist with the important future business decisions you will be making.

In the U.S., many of the tax credits for charitable contributions may be ending, so this is also a good time to review and re-evaluate your year-end donation strategy to ensure that your funds reach your charities in time.

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