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Managing finances does not have to be a burden in your professional life. It also does not have to take away the personal reasons why you started the business in the first place. Managing finances can take much of your time. But ignoring these important tasks and keeping them for the last minute can cost you later in life.
If you keep tasks undone, the audit season will have you spending hours identifying and resolving accounting or inventory discrepancies. Create a daily or weekly schedule for accounting tasks to improve the accuracy and effectiveness of your company’s books. To get professional help in this area, you could speak to a Pembroke pines accounting firm.
Year-end accounting tasks for small business owners
- Check the cash position.
As a small business owner, revenue or cash is one of the most important things for your business. So, you never want to run low on it or have an empty account. To avoid stressful financial situations, start by checking how much cash you have right now. It is important to accurately know how much you are expected to receive from your clients and how much you need to spend in the coming weeks and months.
- Record inventory received.
As soon as you receive the ordered inventory, you must enter the data into your system to keep it current. This allows you to take a more accurate look at your stock. If you do not do this, you won’t know which products you have and what quantity. Your staff may not be updated about the inventory and lose customers by saying they do not have what they need to buy.
Additionally, if your staff sells a product and it is not recorded immediately into the system, it may cause delays in reordering that product. Moreover, keeping track of inventory makes the detection of theft easier.
- Have a discussion with an accountant.
Having a discussion with your accountant before the year-end can help you resolve questionable transactions in the records. Moreover, an accountant can clarify things for you if you have any questions or doubts about your finances and find yourself lost. A tax advisor might just be the best thing for your business before the year-end.
- Review unpaid bills from suppliers.
Every business buys supplies from different parties. If you do not have organized paid and unpaid folders, you may lose track of who you have paid and who is left. The last thing you want to do is damage relationships with your suppliers. Many suppliers offer discounts on early payments, so make sure you take advantage of that.
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