Year End Planning -- Have You Taken Care of This?

Year end is almost here -- I know you probably don't want the number of days counting down to then so I will spare you of that, however, I will not spare you of the list of things that you need to prepare prior to year end.  

There are a number of things that you need to consider prior to year end such as:

• Funding your retirement plans for yourself and your employees ( or planning to meet the deadlines that will be here before you know it),
• Tax planning meeting with your CPA and management team,
• Setting up your budgets and forecasts for next year including your budget vs actual spreadsheets (or in your accounting program),
• Updating all of your software for year end W-2's, 
• Gathering any missing information to generate 1099's,
• Update all equipment and depreciation lists, making sure all additions and deletions are noted and all back up including purchase and sales receipts are copied for your accountant,
• Set up new files for vendors and accounting tasks for 2013,
• Forecasting for projects - both existing and in the pipeline,
• Make copies of all new leases (including equipment, property and vehicles),
• Review tax law changes coming in 2013 that will affect your company in the coming year and discuss how these will impact your bottom line, and what you can do to maximize your deductions now versus  waiting,
• Discuss any distributions from the company with your CPA to determine timing for your personal/company tax situation
• Make tax deposits for estimated tax deposits prior to year end on the advice of your CPA.

As you can see, there are lots of things you need to sit down with your accountant and your management team on and make sure everyone understands the tasks that each will need to complete prior to year end and others that will need to happen soon after year end.

Everyone should leave the meeting with a clear understanding of time frames for all items of business and another meeting should be planned just prior to year end to make sure these items were completed/are on schedule to be completed by their respective deadlines.

Please let me know the items that I have left off this list.  Share those items so that we can all benefit from the collective knowledge .  Your feedback and input is very much appreciated.

Thank you,

Charlene S. Reed

www.MyConstructionOffice.com