Year-end is here but don’t panic, you’ve got this. Make next year your best year yet by finishing 2022 with confidence.
2023 is going to be amazing.
To help you out a little, here is a quick checklist to help keep you on track for a successful end to 2022.
Review Your 2022 Profit and Loss Statement: How did your small business do this year? Be sure to acknowledge and celebrate your successes. This is the reason you are in business — to fulfill a needed service or product and make a profit providing financial freedom for yourself and your family.
Gather and Organize Financial Documents: Be sure to gather and organize bank statements, loan statements, receipts, mileage/vehicle usage, and other needed financial documents.
Reconcile Accounts: You need to reconcile your credit cards, inventory, accounts receivable, accounts payable, and loans. Do it yourself or hire a bookkeeper to manage these tasks.
Verify Employee Data: Update any address changes prior to W-2 mailing. Also, review any retirement plans, health insurance policies, sick and vacation policies, etc.
Prep for 1099s: Send out W9s to verify contractor information such as names, addresses, and ID numbers. Begin prepping 1099s for any vendors or contractors you paid $600 or more this year.
Set Financial Goals for 2023: What does 2023 hold in store for you? What are your big picture goals and how can they be broken down into smaller, more easily attainable tasks?
Contact your Accountant: Schedule a meeting with a competent bookkeeper or tax accountant to go over your small business finances.
If you would like more information regarding the accounting/bookkeeping services that BexBooks LLC provides, please reach out to Rebecca at (480) 322-4027.