The end of the year isn't for a few more months, but it’s never a bad time to begin preparations to send your books to your accounting firm. Beginning in September, Mark’s Bookkeeping Service will be providing a year-end bookkeeping campaign to help small and medium-sized businesses throughout New York City end the year on a high financial note. Before you take advantage of the year-end bookkeeping services provided by Mark’s, it’s important to create a year-end checklist to ensure that everything is in order.
There are numerous things you should do in order to prepare for year-end bookkeeping. Be sure to include each of the following on your checklist:
- Organization: Keep track of all the receipts for any deduction you are claiming and look over your bank statements for any personal charges that were taken out of your business account, and vice versa. Recording everything is the best way to receive the most from your deductions.
- Double Check: Make sure that you haven’t looked over anything in your income statement. Compare your profit and loss statement against that of previous years, as well as against your budget. Verify that all numbers make sense and keep a record of every transaction.
- Mileage: If you’ve traveled for work, you may be eligible for deductions. Record all the time you spend in your car going to or from business trips, not counting your daily commute, as you can receive a deduction of $0.55 per mile.
The professional bookkeepers at Mark’s Bookkeeping Service will ensure that all expenses and receipts are accounted for when year-end preparation begins. Visit Mark’s online for more information on the year-end checklist and bookkeeping campaign.