How To Close Out 2024 Financially Strong

Close Out Invoices: Ensure all outstanding invoices are collected, and incoming payments are settled to maintain accurate financial records.

Pay Outstanding Bills: Clear any remaining debts or obligations to start the new year with a clean slate.

Record All Expenses:Log every business expense to ensure your financial statements reflect the full picture.

Reconcile Bank Accounts: Match your bank statements with internal records to identify discrepancies and confirm accuracy.

Verify Payroll Taxes: Ensure all payroll taxes are calculated and paid on time to avoid penalties.

Check Employee and Contractor Forms: Review and verify W-2s, 1099s, and other necessary forms for accurate tax reporting.

Conduct an Inventory Check: Perform a physical inventory count to finalize asset records and identify discrepancies.

Run Financial Statements: Generate and review your profit and loss statement, balance sheet, and cash flow statement to evaluate your business’s performance in 2024.