Bay County Chamber of Commerce
   
 

Bay County Chamber of Commerce

235 West 5th Street

Panama City, FL 32401

 

Phone: 850.785.5206

Fax: 850.763.6229

 

 

 

 

Preparing for the End of the Year
September 7, 2012

As we are rapidly moving into the 4th and final fiscal quarter of 2012 you may already have those "pangs" of the dreaded taxes starting to creep up on you.  Like many of us business owners we tend to put such things on the back burner and then year end gets here and we suddenly panic wondering if all of our financial affairs are in order.

Here are a few things you need to be cautious and aware of as we are wrapping up this year, give yourself a little audit to make sure you have everything you should and be on track for a stress free year end.

1.        Payroll

Do you have a W4, I9, Copy of Drivers License and Social Security card on file for everyone on payroll, past and present?   Do you have current addresses for everyone on payroll so there is no delay in sending them W2 at year end?

 

2.        Vendors

For your vendors do you have a W9 on file for everyone that will receive a 1099 from you this year, is all their information current and up to date.

 

3.        Bank Accounts

Are all your bank accounts reconciled and up to date?  Taking time right now to bring them up to date will save you time and money at year end.

 

4.        Start Up Costs / Owners Equity

Do you have an accurate account of what you have spent personally on the business this year?  This is something a small business owner often over looks, you spend your time juggling everything and forget to accurately record where you spent your personal money. 

 

5.        Accounts Receivable

Take a look and make sure that you have been paid what is due to you and determine now if you are going to pursue bad debt or just going to write off at year end.  Try to collect it now.

 

6.        Profit & Loss

If your profit & loss is looking good this year – now is the time to start purchasing that office equipment, extra supplies, etc that you will need so you can use the tax deduction this year

 

7.        Balance Sheet

Is your balance sheet up to date and "balanced"?  This is basically your credit report for your business and your Accountant will need a current accurate and up to date copy to process your taxes.

And remember to breathe!  Year end can be cumbersome but if you start preparing now you will avoid added stress when you go to your Accountant and you are confident you have all your bookkeeping in order because you prepared in advance.

Lauree Adams, Owner

Adams Business Solutions, Inc

 A full charge bookkeeping service

 

If you have any additional questions, feel free to contact one of our staff members.

 

 

 

The mission of the Bay County Chamber of Commerce is to create superior value for all chamber members large and small, cultivate economic and personal development, promote and protect a competitive system of business, be a community leader while embracing Bay County’s opportunities and challenges.

 

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