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Year End Review for December

Updated: Oct 1, 2021

1. Collect on accounts receivable

Make sure you check in with accounts that are past due from your clients. This is the perfect time to collect on those accounts so you can pay for your Christmas gifts and if they own a business, they can get in another business deduction.

2. Pay accounts payable

Make sure you make all the payments that you can to maximize your deductions for taxes by paying all accounts that you owe to others.

3. Taxes

Makes sure that you have savings for taxes, if you owe sales taxes for the year it is a good time to prepare to make that payment in a timely manner. Make sure you also pay all your payroll taxes on time. Lastly, you need to make sure you have a savings for taxes due in March and April!

4. Review your contractors again.

Did you have any new contractors over the last couple months, who did you pay and is all that accounted for correctly.

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