Get in the habit of recording all transactions frequently, making sure they are recorded at each month end. Missing something might throw off your entire year-end report and you will have to spend an unreasonable amount of time finding the omission.

Accruals, deferrals, and asset adjustments need
to be properly recorded at year-end to ensure that
your financial statements are complete, accurate,
and comparable to previous fiscal years.

The easier and more distinct your information is, the easier it’ll be for you or someone else
to find that information.

This can be tough, especially when you factor in raises and taxable benefits for multiple employees over the course of the year.

Most software programs will send updates every time there are changes to tax laws. You might not be compliant if you’re working with an older version of your accounting software.

It’s best to hold onto any old financial results and receipts in the event that you’re ever audited or need to secure financing.  

Your bookkeeper should be able to help you find tax-saving opportunities for your specific line of business.