Year End Checklist For Quickbooks User

The year-end time is an important and busy time. In which the small business owners calculate the accounting things, manage the databases, reports, and files, make new goals, check out the inventory and website, check the human resources, and more. For closing this year and starting New Year, you need to check a few things and for that, you need the checklist. The checklist for year-end is given below that you need to follow while closing the year. This is used for Small business owners.

Quickbooks User Year-End Checklist Year

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Checklist for the Small Business Owners at the end of the year

You need to do things in different kinds that are as follows:-

1. Accounting

   1. Verify the information of the vendor- You need to check the vendor’s information and verify it. This information includes contact name, email address, phone number, and contact information.
   2. Standard Reports are used- In this you see where you stand financially at the end of the year. It is done using the software of accounting in which you have the financial report that has the balance sheet, profit, and loss report, and the cash flow as well.
   3. Reconcile the Accounts receivable- In this; you have the list of the invoices that are still unpaid. Try to collect the unpaid bills before the ending of the New Year.
   4. Cash flow statements are analyzed- The statements of the cash flow will show you the money that you spent the whole year. There are 3 aspects that are financial, operating, and investing activities.
   5. Payroll and benefits need to be checked twice- Check that there are no issues and errors in your payroll. If there is then do resolve them before the year-end.

2. General Business

   1. Does the Inventory count- The inventory count needs to be done whether you keep the products on-site or in a warehouse. It helps in correcting the errors in the current record.
   2. Website check out- Verify all the links, contact numbers, and form by sending yourself the email text and call to check it.
   3. Check the goals and make the new one- You must have the feedback of your employees and the clients and also assess the goals of last year and check how better you did it.

3. Information Technology

   1. Data Backup- Make sure that you have successfully backed up all the files including the emails, client files, accounting, and more.
   2. Reports or files Downloaded- Download the copies of all the files and documents that are on the cloud. You must know the data backup rule that is 2:1 which means you always make the duplicate copy of the backup to another location offline.
   3. Contacts Backup- Do a backup of all the contacts also as you do your business over the emails and phone.
   4. Evaluate the file-naming conventions– If there is no file naming system then do create one.

4. Human Resources

   1. Business Accomplishments list for the previous year- things that the company accomplished in last year must be heard by the employees so that they can appreciate it.
   2. Inspect the needs of your staff for the upcoming year- Check the current staff’s inventory and examine that more employees needed or not.
   3. Check if you are going to give the incentive or bonus at the end of the year- It makes a big difference to your taxes and profits if you give incentive or other rewards before year-end or in January.

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