5 Things To Consider As Year-End Approaches

Here we are at the end of 2022 and it’s time to start thinking about closing out your books and preparing for the March 15, 2023 Federal Tax filing deadline. If you are a small business owner, use these five questions to evaluate your books and to consider seeking outside help:

  1. When was the last time you looked at your financial statements?
  2. When was the last time you reconciled your bank and credit card statements?
  3. Have you recorded all your income and business expenses?
  4. Have you recorded any asset purchases (vehicles, equipment, real estate, etc.) on your Balance Sheet?
  5. 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. We’ve put together year-end checklist of all the tasks that need to be completed in order to file your tax return. If, after reviewing the checklist it’s more than you can handle, call HHM Bookkeeping Specialists at (423) 708-7700.