‘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:
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!
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.
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.
Check the calendar
- See when the holidays fall; consider how this affects staff time off and tasks that need to be done.
- Make note of significant dates, such as the final payroll period end, and any billing cut-offs.
- 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!