Year-End Procedures Checklist

As we approach the end of the calendar year and – for many companies – the end of the fiscal year, it’s important to begin thinking about your year-end closing processes. Having a detailed plan in place will ensure a smooth ERP system year-end close and give your company peace of mind as you move into the new fiscal year. In order to help you prepare for a successful year-end, we’ve created the following tips:

  • Back up your system and data
    Backing up your ERP system and business data is extremely important. Schedule for backups ahead of time and make sure they get posted on the company calendar. Make sure your IT staff is available during the scheduled backup times just in case they are needed. You will also need to ensure that you have enough hard drive space for all of the backups you need to perform.
  • Prepare your files
    After you’ve backed up your system, you need to start preparing all of your files for year-end.
  • Print and review payroll and financials
    Print any year-end payroll and financial statements that are required. The most common statements include the Detailed Final Balance Report, Balance Sheet, Profit and Loss Statement, Statement of Cash Flows, and Statement of Retained Earnings.
  • Develop holiday strategy to prepare for vacations
    You need to develop a holiday strategy for accomplishing your year-end processes. Take employee vacations into account and plan accordingly. Make sure your staff is on the same page long before year-end actually begins.

If you have any questions regarding year-end or would like some assistance, contact us today. We’d be more than happy to guide you through the year-end process and help you prepare for the upcoming year.

Recommended Posts