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Salt Lake City Bookkeeping Blog

Why Is Year End Bookkeeping So Important?

Posted by Joe Mazur on Mar 29, 2012 5:00:00 AM

Most business owners cringe when they think of year end bookkeeping.  Maybe they had a rough time closing their books in years past and maybe they feel it's the only way.  Well, they shouldn't.  Year end bookkeeping should be a breeze, especially if your books are handled in a timely manner throughout the year.  Do you want to not worry about the year as it closes and focus on what's in store for your upcoming business year?  Do you want to spend the holidays celebrating with your family and not stress about your business?  Here's how:

Hire a Bookkeeper

Hiring a bookkeeper will do wonders for your business.  It will allow your books to be closed and reviewed each month.  That way, you aren't trying to figure out what that deposit was from 9 months ago or what that $300 charge at Costco was back in June.  Questionable transactions are addressed almost as soon as they occur.  This leads to having your books 100% when it comes to year end bookkeeping.

Review Your Books Throughout The Year

Reviewing your books during the year will allow for the year end bookkeeping to come and go stress free.  If you are looking at your financial reporting on a monthly or quarterly basis, there won't be any surprises that jump out once December 31 approaches.  I even try to get the books over the CPA during the year for a 6 month review.  This allows for some tax planning and insight as to what to expect come year end.  No one wants to be stuck with a massive tax bill without being prepped for it.

If you are interested in utilizing outsourced bookkeeping so you can go out and celebrate on New Year's Eve and you don't want to stress each time you think about year end bookkeeping, then let's get a dialed bookkeeping system in place.

Topics: Efficiently Using QuickBooks, Business Efficiency, bank reconciliation, bookkeeping challenges, Year End Accounting, Year End Bookkeeping