Tips and Strategies for Year-End Implementation

Faces of Finance

03-06-2021 • 13 minutos

Shawnna interviews Edgewood Business Solutions accounting executives Linda Welk, Katie Petty, and Deepa Mackrani on their tips and strategies to implement into year-end planning. First up, Linda explains why your accounts receivable detail report is so important and why you should review it before the end of the year. Learn about best practices for paying vendors, updating inventory, and recording home office expenses. Since people are working out of their homes more than ever due to COVID, Katie reminds us that home expenses are often overlooked and explores some of your options. Whether you're an entrepreneur, small business owner, or aspiring to be one - Edgewood is here to help.

Highlights:

  • If you are using the accounts payable as an accrual basis tax filer, ensure that invoices received from vendors are input using the date of the invoice.
  • Consider paying for bills due in January before year-end.
  • Always request a W9 from your vendors before paying them. When in doubt, collect a W9.
  • If your inventory software and accounting software are not connected, update your inventory monthly to ensure proper accounting.
  • Review your books for any outstanding checks or transactions that have not cleared and are over 30 days old.
  • Home office expenses.
  • Mileage reimbursement.
  • Compliance Issues.
  • Insurance Coverage.

Disclaimer: This podcast discussion is for informational purposes only and not for the purpose of providing medical, legal, or financial advice. You should contact your doctor, attorney, or financial advisor to obtain advice with respect to any particular issue or problem.

Visit: www.edgysolutions.com

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