With the holidays fast approaching, now is the time to prepare for year end so you aren’t caught off guard or rushing at the last second. Year end is an accounting procedure to close business out for the end of the year. If you have a book keeper or CPA, simply give them access to the necessary documents and slide into the new year knowing your accounts are ready for 2019. Otherwise, the following tips will help guide your year end preparation:
- Prepare to file this year’s documents based on IRS rulings.
- Purge the files you no longer need to keep again based on IRS guidelines. Be sure you are following IRS guidelines, though, as you do not want to delete any documentation you might need!
- Determine if you met your goals or where you stood for 2018
- Set-up files for the new year and establish your goals for 2019