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112: Year-End Books 2022: Financial Closing Checklist to Put Your Year Behind You
Manage episode 350018420 series 2794943
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Let's dive into another hot year-end topic as we discuss the financial closing checklists to put your year behind you.
People need to care about having their books updated before year-end. It's not for tax reasons, but so that you can clearly see how your business is doing and make strategic decisions for you and your business along the way.
You've got to get your books together. Make sure all of your income and expenses are represented properly. And if you're an S Corp, an LLC S Corp, or a C Corp, make sure you've got reasonable compensation, you're handling all of your benefits properly, and those are properly categorized. You've got to have a few key things nailed down such as income, costs, expenses, the dreaded balance sheet, etc.
As we always say, the best work is done when the books are done – and it's for a lot of reasons! Ultimately, the process you'll use is the best process for you.
In this episode, you will hear:
- Getting your books in order
- Reporting your income and debt service payments properly
- Understanding your cost of goods and expenses
- The beauty in a balance sheet
- Finding the process that works for you
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