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6 Tips to Help You Master Month-End Bookkeeping and Boost Your Business!

Thursday, November 30, 2023

As we approach the end of another month, it’s time to ensure your books are in tip-top shape. Here are some valuable month-end bookkeeping tips to keep everything in order.

1. Reconcile Bank Statements

Start by reconciling your bank statements. Ensure all transactions match between your records and your bank statement. This will help identify any discrepancies or errors.

2. Review Outstanding Invoices

Go through your accounts receivable and follow up on any outstanding invoices. This is crucial for maintaining cash flow and reducing bad debts.

3. Record Accruals And Prepayments

Ensure you record any accruals or prepayments for expenses or income. This will provide a more accurate picture of your financial health.

4. Double-Check Tax Obligations And Prepayments

Verify that you’re up-to-date with tax payments and obligations. Late fees and penalties can add up, so it’s best to stay on top of them.

5. Create Financial Reports

Generate key financial reports, like your profit and loss statement and balance sheet. These reports offer insights into your business’s financial performance.

6. Plan For Next Month

Use the end of the month to set financial goals for the upcoming month. This will help you stay proactive in managing your business finances .

Remember, good bookkeeping is not just about compliance; it’s also a powerful tool for decision-making and growth. Don’t hesitate to reach out if you need any assistance with managing your business finances. 

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About J&S Accounting

J&S Accounting offers full-service bookkeeping, payroll, and consulting services. Our team understands that well-organized financial records help your business run more efficiently. We are a woman and minority-owned accounting practice improving the financial management of small businesses and nonprofits in Savannah, GA and nationwide.

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Disclaimer

This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.

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Disclaimer

This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.