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3 Year end Accounting tips for a Strong Start to 2024

A successful year starts before the previous one finishes. In Q4, tying up loose ends, identifying areas for improvement and closing the year with a thorough financial review should be a priority.

Let the end of 2023 mark the start of a prosperous 2024.

Taking time to consolidate your finances during the final months of the year is a vital step in preparing your business for the next Fiscal Year. A year end checklist with actionable goals and deadlines will help you streamline your workflow, efficiently delegate tasks, and ensure everything is attended to in time for the new year.

3 Important Tasks to Include in Your Year end Checklist

1. Ensure documentation is stored and accessible. While it's best practice to keep track of receipts, invoices and important paperwork throughout the year, the year end is a chance to double check that everything is accounted for, stored, and backed up appropriately.

2. Reconcile balance sheet accounts and select P&L accounts (e.g., revenue and payroll). This will help ensure your business remains compliant with regulations and produces accurate financial reports ready for an external audit. Compare your general ledger to supporting documents like bank statements and invoices to identify, investigate and properly rectify any discrepancies or errors.

3. Prepare for the new year. Set time aside to reflect and align your budget with your business goals for the upcoming year. Consider how your budget can be split to support your company’s mission and vision, while also considering the current economic climate, market trends and consumer preferences. Split the workload by assigning budget preparation to department managers, and hold yourself and your team accountable by implementing regular budget vs. actual reporting.

Arrange a Consultation

Q4 is the ideal time to evaluate and elevate your financial strategy in time for the new year. If you find that implementing your year end checklist is a headache, consider working with a professional accountancy firm.

Based in San Jose, CA, GMC Consulting Group’s accountants are experts in everything from bookkeeping and tax to HR, payroll, and financial advice. Get in touch today to organize a consultation and find out how we can support your business’ growth in 2024.

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