10/22/2025
As the foliage is changing colors here in New England, we are reminded that the end of the year is approaching.
For us bookkeepers and accountants, that means we need to clean up any lingering issues in QuickBooks to get ready for final annual reporting and tax filings and start budgeting for next year.
As businesses operate over the course of the year, they tend to focus on the income statement (the “P&L”). While the P&L can look reasonable from month to month, and bank accounts reconcile OK, issues can accumulate on the balance sheet:
-Certain accounts receivable are uncollectible and need to be written off
-Fixed assets no longer in service need to be cleared out
-Loan liabilities need to tie to loan schedules and statements
-Intercompany accounts need to tie
-Payroll liabilities need to be reconciled and adjusted
-Inventory needs to be adjusted to match what is actually on hand
-The Ask My Accountant account has a balance in it
These problems may not stand out in a monthly P&L. However, they add up and can cloud your numbers and misrepresent your annual results. Now is the time to fix them.
This is also the time of year to be making financial plans for next year. This can be a basic, high-level exercise to confirm revenue and expense and profit metrics for the year. Or it can involve very granular line-item budgeting of revenue, expense, profit, departmental P&L metrics, cash flow, and balance sheet accounts. Even a basic plan is infinitely better than no plan.
This Fall, we’re offering QuickBooks cleanups and annual budgeting services.
If you’re interested, please DM me or us this link to schedule a free consultation to firm up the scope of what you would like and associated pricing: smartbooks.com/free-consultation/
