Do you have everything ready for your accountant? It’s February, and you have a little over a month before the March 15th filing deadline for your business returns. How do you know if you’re missing something?
Here are some quick and simple tips to let you know when it’s time to call:
- Bank Statements – Have you received all of the year-end statements from the bank for your checking and/or savings accounts? If you do your own bank reconciliations, have all accounts been reconciled?
- Accounts Receivable – Have you reviewed everyone that owed you money at the end of the year? Have any of the accounts become uncollectable or worthless?
- Inventory – Have you done a physical count of your inventory? Are any items listed obsolete or worthless?
- Accounts Payable – Have you reviewed all of your vendors and made sure you’ve accounted for all monies you owed them at year-end?
- Debt – Whether it’s credit cards or bank loans, have you received all of the year-end statements to ensure you’ve accounted for all of your outstanding debt?
These are just some of the “accounts” that most business owners have to account for (no pun intended!) at year-end. When all of the necessary information has been received, and you can answer “yes” to the above questions, it’s time to call your accountant.
You should allow your CPA a good week to 10 days to prepare the returns. That will ensure the returns are prepared accurately and all of the information is appropriately reviewed.