Updated: Oct 1, 2021
1.Review the Profit and Loss Statement
Make sure that your P&L is looking accurate. Move transactions around, make sure there is no uncategorized or miscellaneous expense categories. Watch for negative amounts and transactions in parent accounts.
2. Review the Balance Sheet
Make sure your balance sheet has all your assets (checking account, savings accounts, computers, equipment, business vehicles, and ect), liabilities (credit cards, and loans), and Equity is all listed. Very important that you have all of these listed.
3. Review vendors
Make sure you check the 1099 box for each vendor that you need to send a 1099 to!
4. Collect W9s from the contractors that haven't already sent their W9s