21 Year-end Tasks for 2021 - Belk on Business - Episode 128
1. Review licensing requirements – business, sales, and industry specific licenses
2. File annual reports with your state’s secretary or department of state and/or make any necessary amendments for changes (address, officers, etc.)
3. Hold annual board meeting and prepare and file meeting notes
4. Conduct inventory count as of December 31
5. Review large purchases for capitalization requirements. Review fixed asset count
6. Review aged accounts receivable for bad debt or collection
7. Review accounts payable for any possible adjustments
8. Review other current liabilities (payroll and sales tax)
9. Confirm loan balances
10. Review personal vs. business nature of transactions
11. Review and properly book any funds received through grants or federal/state relief
12. Reconcile all bank and credit card accounts
13. Reconcile prepaid accounts and accruals such as payroll
14. Reconcile point of sale reports with revenue and deposits
15. Make sure all bonuses, retirement or other employee benefit requirements are paid according to employee contracts or company policies
16. Compare budget to actual and trending to identify any material variances and abnormalities
17. Reconcile PTO balances for any liability adjustments
18. Scan or file all receipts and supporting documents
19. Generate backups of all important data and retain pursuant to data retention policies
20. Prepare budget for next year
21. Review policies and procedures
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