How to Help Your Year-End Planning Go Smoothly & Start Your 2025 on the Right Foot
As 2024 comes to a close, our goal is to close everyone quickly and smoothly in January so we can get your tax accountants everything they need to prepare your 2024 income tax returns.
So, what can you do to help ensure an easy tax preparation?
You can expect to receive specific instructions from your YBO partner around mid-December, but it’s never too soon to start organizing your paperwork.
As you’ve come to expect, at this point in the year, we’re starting to look at both how the quarter and the year as a whole are coming to a close. With that, anything you can do to tie up loose accounting ends will help to expedite the process.
While the process will be different from business to business, oftentimes, that can look like:
Start to prepare and aggregate your 2024 financial documents, such as back statements, inventory accounts, vendor/merchant statements, payroll reports, and your P&L
Do an audit to see if you have any missing invoices and/or receipts
Reconcile all accounts, inventory, and bank/credit/loan statements
Again, your YBO partner will reach out to you with your specific paperwork needs and then we ask that you submit all year-end documents to your YBO partner by Friday, January 10, 2025.
In the meantime, if you have any questions specific to your business and year-end preparation, we encourage you to reach out directly to your YBO partner.