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Checking It Twice: How to Manage Your Year-End Financial Tasks

By MarksNelson on December 11, 2017 in Articles, Entrepreneurial Services, Jennifer Katrulya

Almost two weeks down and two to go. December 2017 is nearly half over. If you’ve wrapped up all your accounting work for the year (except for last-minute invoices and expenses), that’s great.

Have you really finished everything, though? Even if you don’t officially “close” your financial books at the end of the year, there are probably lots of to-do’s that haven’t been done yet.

How do you ensure that you’re not letting anything fall through the cracks? If you don’t have a financial to-do list, start one. Outlook and Google Calendar are great for maintaining task lists, but separate out the accounting work you do from other, more miscellaneous chores.

One-Off Tasks

Your year-end list will probably contain to-do’s pertaining to individual customers and vendors, things you need to follow up on or initiate. You might have new customer records to complete, expenses to bill, or statements to send.

The best way to do this is in QuickBooks. If you’re using the software and haven’t investigated this feature, go to the Customer Center, highlight a customer, and click the To-Do’s tab in the bottom pane of the record. Click Manage To Do’s in the lower left, then Create New. Once you’ve defined a to-do and saved it, it will appear on your Reminders list. You can do the same thing in the Vendor Center.

Broader Tasks

Your year-end financial task list should contain a number of entries. Here are some of them:

  • All invoices for 2017 purchases should go out in 2017. Maybe you’re already in the habit of dispatching invoices immediately following a sale. If you’re not, it’d be a good idea to start. You can’t expect to collect on all of them, of course, but get them on your books for this year.
  • All accounts should be reconciled. This should be on your monthly list. If you find this chore difficult-to-impossible, let us help.
  • You should run aging reports. Again, this is easier in QuickBooks, but know where you stand in terms of past-due invoices so you can redouble your collection efforts after the 1st.
  • Your bills should be paid. Now is the time to do this if you haven’t already.
  • Your YTD taxes should be paid. Are you caught up on estimated taxes and payroll taxes?

You get the idea. You want to come into the office next January and be able to start fresh. Prioritize your to-do list so if you run out of time in 2017, only the least important tasks will be waiting after the New Year.

Call on Us

Are you finding that your accounting tasks are taking up too much of your time – hours that you could spend on the critical managerial tasks that only you can do? Let us step in. We can help you find better, smarter ways to handle your finances. If you’d like, we can even take over the daily accounting chores that are robbing you of hours you need to lead your company. For more information contact your MarksNelson professional at 816-743-7700.


Jennifer Katrulya

Practice Leader