Best Practices for Small Business Year-End Accounting

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Below are several best accounting practices that businesses should incorporate into their year-end accounting procedures.

  • Reconcile bank accounts: Make sure your cash balances equal your bank’s year-end statement balances. Review stale checks to determine why they have not cleared the bank by contacting the payee and making necessary adjustments.
  • Analyze Accounts Receivable and Accounts Payable: Review both accounts for open bills and invoices that may have been paid, but not accounted for correctly to ensure neither has been overstated or understated. Analyze for stale bills that may require a provision for estimated losses.
  • Fixed Assets: Confirm that any large purchases made in the …read more

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