A Frisco Business Owner’s Checklist
Year-end is closing in fast, and if your QuickBooks Online file has been running on autopilot all year, this is the month it catches up with you. Getting your books reconciled and tax-ready now saves you money later, since a clean file usually means fewer billable hours for your accountant to sort things out come tax season.
Start with reconciliation, not just review
A lot of Frisco business owners assume that downloading their bank transactions into QuickBooks counts as being reconciled. It doesn’t. As Clean Books Magic puts it, “reconciliation is the only process that verifies every transaction matches your bank statement.” Bank feeds can miss or duplicate entries, so every account needs an actual reconciliation pass before you call the year closed.
The three things most owners forget
- Contractors and 1099s. If you paid any contractor this year, confirm you have a current W-9 on file and that their payments are mapped to a 1099-eligible account. Miscoded payments mean missed forms.
- Accounts receivable cleanup. Old invoices that will never get paid need a proper bad debt write-off, not just a note to “deal with later.”
- Fixed assets. Big purchases like equipment or vehicles shouldn’t be sitting in an expense account. Flag anything over roughly $2,500 for your accountant to review for depreciation.
Why it’s worth doing right
A reconciled file with clean reports doesn’t just keep the IRS happy, it gives you an accurate read on how the business actually performed this year, which makes planning for next year a lot easier.
If your own books feel like a mess right now, Clean Books Magic specializes in exactly this kind of year-end cleanup for QuickBooks Online. Read their full step-by-step checklist here.
Ready to get your books closed out for the year? Check out Clean Books Magic’s listing on TalkOfFrisco to learn more and get in touch.