1. Inventory Count

If you sell products you should conduct an inventory cycle count to update your system for that year. This allows you to see what products need to be adjusted or restocked.

2. Request W-9 from Vendors

If you haven’t already within the year you must request updated W-9 information from your vendors, this allows you to have proper information for processing 1099s.

3. Accounting Software Clean-up

Take this time to clean up your accounting software get rid of duplicates, merge accounts or jobs, make sure all transactions were placed in the appropriate accounts, and make sure vendor and employee names and information are entered correctly.

4. Journal Entry Adjustments

Take this time to adjust for depreciation or verify any loan balances and adjust for accumulated interest.

5. Reconcile all Accounts

Reconcile all bank and credit card accounts.

6. Business Overview Reports

Make sure to run a profit and loss, balance sheet, cash flow, accounts receivable aging summary, and any unique report specific for your company. For example, run a sales report on all your products to see which ones you would keep or discontinue. These reports will also help you set a budget for the new fiscal year.

7. Print and E-File (Mail) Tax Forms

January 31^st is such an important day as many federal and state forms are due. If you do not have an accounting software that can e-file for you do not panic as there are many ways you can still e-file such as efile4biz.com. Or you can always mail in your forms as well. The following forms are due:

Independent Contractors (e.g. 1099s, 1096)

Payroll forms: (e.g. W-2, W-3, 940, 941, 944)

California State payroll forms (e.g. DE9, DE9C, DE34)