5 Steps to Clean Up Your Accounting Records

Contributed By Becky Betsill

As we approach the end of 2021, it’s time to start thinking about closing out your books and preparing for the March 15, 2022, Federal tax filing deadline. Consider asking yourself the following five questions.

• When was the last time you looked at your financial statements?
• When was the last time you reconciled your bank and credit card statements?
• Have you recorded all your income and business expenses?
• Have you recorded any asset purchases (vehicles, equipment, real estate, etc.) on your Balance Sheet?
• Are all your loans recorded on your Balance Sheet?

If you haven’t completed these tasks at least through the end of September, you may have difficulty catching up. We know your main focus is running your business and the bookkeeping can take a backseat. Consider hiring a bookkeeper to help you tackle this project.

This article is contributed by Freight Depot Accounting, “FDA.” FDA provides customized bookkeeping for startups and small businesses.