Year-end is just around the corner, and that means a couple of administrative tasks are necessary to take care of bookkeeping and tax chores.

Here are a couple of tips to make year-end go smoother.

Cleaning up

Things will go a lot smoother if you reach out to your customers  and employees and get their help to update your records.

  • Make sure you have the right information from new , current and old customers
  • Check email addresses , update marketing lists and take time to review their spending habits.

By reviewing your customers purchasing activity you may find out about a lot how you customers .

It’s also time to clean up any account balances that need to be reclassified or corrected.

  • Any clearing accounts, such as undeposited funds, should be zero.
  • Bank reconciliations should be caught up and book balances should match the bank or be explained.
  • Inventory should be adjusted to reflect accurate quantities.
  • Loan balances should be adjusted to correctly reflect interest and principal allocations.
  • Depreciation entries should be made.

Maximizing deductions :

Here are a just a few ways to maximize deductions:

  • Any bad debts that aren’t expected to be collected can be written off.
  • Any inventory that is not saleable or worth less than you paid for it can be adjusted on your books.
  • For cash basis taxpayers, pay any large bills before year-end to claim back GST claim.

Getting organized

To start to 2018 and make it your year you need to leave the baggage behind. Get organised and clear the noise . May the force be with you and 2018 be a year of achievement.

 

Best wishes Geoff

 

 

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About Geoff Gartly

Geoff has been assisting businesses with their taxation and business affairs for many years. His practical advice has assisted his clients to grow their businesses and plan their financial future. To contact Geoff please call 039597 9966