Baan/LN Tip of the Week: Financial Year End – Have you done all you need to do?

Came across an article online from Lauber CFO’s, and thought I would share. Here is a checklist for things to consider in order to finish out the year and help you plan for 2016:

• Is your accounting records up to date so that you can make a projection of how the current year will turn out?
• Are all account reconciliations currently up to date to facilitate the closing of the books after year-end?
• Are there accounts receivable that should be reserved for or written off prior to the end of the year?
• If your business carries inventory, do you need to plan a physical count as of the end of the year?
• Has depreciation on your fixed assets been recorded during the year? Have you considered depreciation on current year additions?
• Have all new asset purchases and bank loans been recorded on your books?
• Are there any liabilities, for example, pending legal actions or warranty issues, which will need to be recorded prior to the year-end? 
• Do you have a plan in place to properly “cut-off” revenue at year-end to properly match revenue and expense?
• Will there be bonuses, profit sharing contributions, or discretionary retirement plan contributions paid prior to the end of the year? How will these payments affect cash flow?
• Will you be in compliance with your bank covenants at year-end?
• Do you need to make arrangements to receive statements as of the end of the year for the cash value of life insurance, loan balances, etc.?

Contact

Kathy BartheltKathy Barthelt

Other posts by Kathy Barthelt

Contact author Facebook page Twitter Linked In YouTube Website