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Yearly accounting tasks are a culmination of all the financial work you’ve done throughout the year and give you an overhead view of your business’s performance.
There are a lot of accounting tasks to think about when you’re a small business owner, and the yearly accounting tasks are some of the most important. Annual reports come in to give you an overhead view of your business performance throughout the year. Annual taxes come around in the spring to keep you in the good graces of the government and make sure all of your taxes are paid up. Be sure to carefully manage these yearly accounting tasks for your small business so you can keep your business running smoothly.
Go Over Year-End Financial Statements
Once a year, usually in December, you should do a sit-down with your P&L (profits and losses) statement, balance sheet, and cash flow statement. You’ve been looking at some of these reports all year for short-term knowledge on the state of your business as well as to seek out errors and inconsistencies. However, the annual report gives you an aerial view of your business as it stands such as where money is coming from and where money is going, as well as an overview of assets and liabilities. This is the most important report to go over each year so you can keep your finger on the pulse of your business and this is your opportunity to consider large-scale adjustments if you feel they are needed.
File Your Annual Tax Return
As always, your annual taxes are due each year around March or April. Since these are typically paid by small businesses quarterly, the annual tax return is for auditing purposes and paying off any remaining balance. Which tax return form you need to file depends on your particular business, so it’s not a bad idea to visit a professional, especially if this is your first time, to make sure your annual taxes are filed promptly and correctly.
Trust the Professionals at the Harding Group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for consultations and strive for open communication with our clients.
Are you interested in business advising, tax preparation, bookkeeping and accounting, payroll services, training + support for QuickBooks, or retirement planning? We have the necessary expertise and years of proven results to help.
We gladly serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of tax time, contact us online or give us a call at (410) 573-9991 for a free consultation. Follow us on Facebook, Twitter, YouTube, and LinkedIn for more tax tips.