Small business accounting can get complicated and overwhelming for a small business owner. Let TSAT take those tasks off your plate so you can focus on what you do best!


As the year draws to a close, small business owners should review and revise their end-of-year small business accounting plans. Reviewing the past year and setting goals for your company will keep you on track and focused, and will allow you to choose when to implement improvements. Ideally, you should update your plans with a new set of goals every year, so that you can achieve your goals in the next one. This can include hiring more staff or expanding your services.

Your end-of-year checklist should cover important areas such as: record keeping and bookkeeping. These two areas play an important role in the company and should provide a guide to your company’s financial health. You can also increase your business deductions, if necessary. As the year winds down, it’s time to look at your expenses and see how much money you’ve saved. If your revenue is higher than your expenses, you should increase these expenses.

Accounts receivable reconciliation is a vital part of your end-of-year small business planning. This process enables you to boost your cash flow by ensuring that all taxable benefits are fully claimed. In addition to balancing your books, reconciling your accounts receivable will allow you to start the new year without any outstanding invoices. The process can take weeks or even months, so it’s crucial to have an accounting system that is up-to-date.

It’s important to make sure that your inventory matches the sales figures from the previous year. Depending on your business, backpay of FICA or an employee raise may be a big bill to settle. It’s important to keep the accounts receivables in good order. Taking care of these details will help your business grow in the coming years. The end of the year will be the time to celebrate your employees and give them something they deserve.

Other End-Of-Year accounting items should include: 

  • Update Mileage Log
  • Update Fixed Assets
  • Run Depreciation

During the end of the year, you should take stock of your financial situation and assess any growth opportunities. As a small business owner, you should always be aware of the challenges and opportunities in your business. It’s also important to keep your eyes on the positives. After all, despite the gloomy economic conditions, you have managed to survive and thrive. Your employees are the heart of your business. This means that you need to be positive in your business.

Creating an end of year small business planning checklist is essential to keep yourself focused on the goals of your business. Your business plan should be tailored to your individual needs and preferences. For example, if you are running a service-based business, you should consider the type of work you’re doing and how you’re working. Ensure that your business has an effective workflow, which allows you to get the job done and spend time with your family.

At TSAT, we know that a great businesses need to operate at high levels of service, accuracy, reliability, and throughput. We also know that the only way to ensure these things are achieved is to develop a comprehensive set of accounting and finance policies and procedures and to regularly train all personnel involved in the management and control of the company’s software. Only by taking steps toward accounting, quality assurance, and finances can a small business accounting department expand its business and improve its profit margins. It takes a little work to make sure that every aspect of small business accounting is running at full capacity, and we are here to help!

Here at TSAT, we are not simply tax preparers. We work with you to provide a 360-degree strategic financial advice, including small business operations and investment guidance. We will help you stay ahead of the curve when it small business or personal investments!

If you are a gig worker or small business owner looking to grow your business, TSAT’s AMAZING team considers much more than just your taxes!

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TSAT’s Services will let you focus on your business’s core competencies! Whether you have a small business or you need help personally, TSAT can give you HOPE! Call us today! 

Phone: (417) 208-2858

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