Ryan, Here Are Your Articles for Thursday, December 06, 2018
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Is This Your Situation: Getting Through Monthly and Yearend Closings

 

At the end of each month, you need to complete a month-end report to update your accounting statements. You also have to issue a yearend report and mail IRS Form 1099s to vendors for their taxes. Following are just some of the many issues you have to address:

  • Should you book changes in a current month or a subsequent month?
  • Do you focus on analyses, including account reconciliations and periodic fluctuations?
  • Is your closing process well-documented?
  • Do you have a budget plan to compare your close to, looking at variances from various cost centers' actual spending?
  • Do you publish a closing calendar ahead of each month-end?
  • If you tie out accounts payable receipts and invoicing daily, then at the end of the period, is your team balancing only a day's worth of data instead of a month's worth?
  • Can you work toward a culture of continuous improvement and devise tools that measure your close?
  • Have you considered doing income tax accrual assetliability reclassifications at yearend?
  • Do you constantly monitor state tax law changes and reflect their impact at least quarterly?

Good accounting records help you monthly and yearly as you prepare your taxes, present your company data to investors and more. Closing month-end reports keep your financial records updated. Do you have full control of your accounting system? Are you able to smoothly close your books month after month?

We can help you with your accounting tasks so that you can do what you do best: run your business. Give us a call, and we'll examine your business and provide advice as well as ongoing help tailor-made for your company.

 
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Ulrich & Associates, PC
Ulrich & Associates, PC
Office: (801) 627-2100
4991 Harrison Blvd
Ogden, UT 84403-4387
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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