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The Quick Accounting Review You Must Do Before 2016

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Every year at this time we take a few minutes to reflect on the past year’s accounting. Were we efficient? Did we make the most of our financial analysis opportunities? Are our processes in place and are they continuing to suit our needs? All of these questions and more are asked of both our internal processes and procedures as well as for our clients. This year, we’re sharing with the world our quick checklist for assessing whether your current accounting is up to par as you head into the New Year. Of course if you find it isn’t, we’re only a phone call away!

  • Are all accounting processes documented?
    • Deadlines are established for all reports.
    • Procedures are in writing and easy to follow.
    • Could anyone step in and take over tomorrow if disaster occurred?
  • Were deadlines all met for the past year?
    • There are no outstanding back work projects for months in 2015 or, gasp, any years prior!
    • Were reports delivered complete and on time?
  • Are the accounting technology systems up-to-date and functional?
    • Did you introduce any new apps or integrations? Have they been adopted and implemented?
    • Does your staff utilize them effectively and regularly?
    • Are there still any gray areas where you aren’t sure whether the systems are working or whether there are options for implementing better systems?
  • Do your monthly financial reports include all important and relevant data?
    • Do your AR and AP reports make sense and do you have a clear understanding of all the items listed?
    • Are you able to fully assess which bills to pay and whether the invoices are correct?
    • Is your job costing or class tracking complete and accurate?
    • Do you know your exact profit margins? And are your services or goods priced accordingly?
    • Are your cash flow reports informative and correct?
  • Are financial documents accurate and timely?
    • Do you have all your W-9s for this year’s vendors? Will your 1099s be ready without too much headache?
    • Were your books closed and locked each month on time and with complete data?
    • Do your financial statements include anything stuck under vague categories such as “Other”, “Suspense” or “Miscellaneous”?

How did you do? Are you ready to enter 2016 with clean, completed 2015 books and a clear picture of how to manage your accounting for next year? We hope so! But of course if you’re not, feel free to let us know how we can help!

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