Top 5 Questions to Ask When Closing Fiscal Year

Whether you are a new business owner or one that’s been in business for years, understanding requirements of a fiscal year close can be confusing. Keeping your financial information and records accurate year-round is critical to the success of your business, and it makes things that much easier during fiscal close.

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Here are the top 5 questions you should ask, as you approach the process of closing your 2015 books:

1. Have you recorded all your revenue for 2015?
2. Do you have organized processes to record expenses in a timely manner?
3. Does your accounting function have oversight, checks and balances to ensure your books are accurate on a monthly basis?
4. Have you contacted your tax professional to schedule a meeting? Definitely try to avoid the March 15th and April 15th rush!
5. Did you make quarterly estimated tax payments throughout 2015? If not, you should ask your tax professional if this is an option in 2016.

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If you need assistance with your fiscal year end close, contact us today. Our outsourced accounting teams are locally based and nationally focused. We can help you with this effort, as well as other accounting and financial analysis needs of your business.