Year-end accounting cleanup services involve reviewing, organizing, and correcting historical financial records to ensure accuracy and compliance before tax filing and the start of a new fiscal year. These services will help your business gain clarity on its financial health and make informed decisions. 

Our services provide expertise and accuracy with access to an in-depth knowledge of accounting standards (GAAP) creating clean, well organized books to ensure audit/review preparedness. Reduce internal fraud by gaining third party oversight including stronger internal controls and timely fraud detection. Time and resource savings will allow you to free up your internal staff to focus on core operations and strategic growth!

Year-end cleanup packages typically include: 

• Reviewing and Organizing Records: Thorough examination and systematic organization of all financial documents, including ledgers, invoices, receipts, and statements.

• Account Reconciliation: Matching internal records with external statements (bank accounts, credit cards, loans, payroll, vendor statements) to identify and resolve discrepancies.

• Correcting Errors and Omissions: Identifying and fixing data entry mistakes, removing duplicate transactions, and posting any missing entries or necessary adjustment journal entries.

• Transaction Categorization: Properly classifying all income and expenses to ensure compliance and accurate reporting.

• Fixed Asset and Depreciation Review: Analyzing large purchases to ensure they are properly capitalized and that depreciation has been calculated and recorded correctly.

• Accounts Receivable and Payable Cleanup: Reviewing and updating outstanding invoices and bills, and clearing up unreconciled transactions and undeposited funds.

• Generating Accurate Financial Statements: Preparing a clean and reliable set of year-end financial reports, including the Profit & Loss statement, Balance Sheet, and Cash Flow statement.

• Tax Preparation, Audit, and Review Support: Ensuring all financial records are tax-ready to streamline the tax filing process, maximize potential deductions, all while allowing for efficient audit and review processes. We handle the back and forth with your CPA from beginning to end so you don’t have to!