‘Warming up’ for Year End

Like an athlete preparing for a marathon, there are good habits that can make the ‘race’ easier – warming up, stretching, hydrating. 

We like that discipline for anticipating Year End accounting activities. What can you accomplish this early? These four things could help with your year end processes:

  1. Find out if anything must be done prior to December

    • Check on software versions. Are you at the required version to receive year-end tax updates? If not, target a date before December to update to that level (Sage 300 CRE is v16.1 /Sage 100 is v20).
    • Do you need to make any hardware changes or additions to accommodate your software version?
    • Make appointments with anyone who might have a busy calendar in the fourth quarter. Do you need to talk with your accountant or schedule time with your software consultant?
    • Is there anything in your data that needs to be reviewed or corrected? It is best to do this sooner rather than later!
  2. Create a Year End folder or list

    • Start a list or make a YE folder with your favorite tools—paper, digital or both (Word, Excel, Outlook are just a few of the options).
    • Use this file location to accumulate your questions and notes.
    • If you already have information from last year, add it to this location.
  3. Reference previous Ledgerwood Associates newsletters and Sage knowledgebase articles.

    • Bookmark the LAI blog page, and use the “Year End” topics (in the right column) to sort for relevant help.
  4. Check the calendar

    1. See when the holidays fall; consider how this affects staff time off and tasks that need to be done.
    2. Make note of significant dates, such as the final payroll period end, and any billing cut-offs.
    3. Set additional cut-off dates for payroll events that must happen prior to 12/31 — unused PTO payouts, bonus, etc.

Spending a little bit of time now can set the foundation for a smoother year-end race!


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