text above the header Stay informed of industry trends, exclusive content, thought leadership, and exciting announcements. button

How to Prepare Year End Reports

Tips/How to

It’s essential to organize your records to ensure accurate and complete tax filings. While this may seem like an overwhelming, onerous task; the A Team can ease the process, no matter your company’s size or industry, or the complexity of your filing.

Our knowledge of your financial picture in particular and accounting requirements in general puts us in the perfect position to guide and assist you through the process – though with the dozens of issues to consider, and ever-changing laws, the earlier you start, the better!

To get underway, we offer this handy Tax Prep checklist:

  1. Reconcile all accounts related to your business including banking, credit card and any money accounts, making sure balances are tied to year-end statements shown by the issuing institution.
  2. Reconcile payroll amounts to year-end statements, ensuring contractor and miscellaneous expenses are included.
  3. Double check that all revenues and expenses are recorded in the proper time period and under the proper revenue or expense account.
  4. Prepare supporting schedules for balance sheet accounts so that details are clear and transparent.
  5. Make sure journal entries are complete and up to date  
  6. Your A Team account manager will contact your CPA and/or auditor to discuss expectations for the audit or tax filing.
  7. We will then prepare all needed reports and supporting documents sourced from the reviewed information so that the audit can be performed and/or tax filing can be created.

Throughout it all, the A Team remains available to answer any questions from your CPA or auditor so that you can achieve the best results.

Initial deadlines are soon approaching, especially for companies with 1099 filings to complete; and while there are different tax deadlines depending on filing status, an early start prevents last minute panic and mistakes. The critical mid-March period, when tax preparers will send questions needing immediate attention, will be here before you know it!

The A Team works with over 200 companies from a wide variety of industries, including marketing, PR, legal, apparel, healthcare, technology, business improvement districts and many non-profits, and our bookkeeping teams are expert in the businesses they serve. 

Let us take the worry out of tax reporting so that you can focus on your business! Have questions? We’re always here to help. Contact us at your convenience by phone at 646-849-4267 or reach out to edine@ateamconsulting.com

Share this page: