General Year-End Financial Checklist
You should receive an organizer that provides a checklist of what you should provide.
Here are a few items that I will be focusing on.
Supporting Documents & Receipts
Vendor & Employee W9s and W4s: Vendor Maintenance
Review license renewal requirements:
All licenses and permits should be reviewed yearly and renewed if due to avoid lapses and penalties, and to also ensure compliance. This includes business licenses, city licenses, sales tax, and any industry-specific licenses or permits.
If you have intellectual property rights that need to be protected, patents, copyrights and trademarks may be appropriate and should be applied for.
HR and Benifits:
Review PTO Policies
Review and reconcile employee PTO in case of any liability adjustments for accumulated balances.
Verify Bonus, Commissions & Incentives
Review Employee Appreciation/Recognition Programs
Decide if your current program is effectively contributing to the job satisfaction of your employees and the success of your company.
Back Up Files
Some businesses require periodic updated reports:
If you are revising next year’s budget and business plan, now is a good time to evaluate staff investment, technology upgrades, Covid and operating expenses, training costs, etc. and make changes, upgrades, or downgrades for optimal performance.