Record Keeping
Year-End Record-Keeping Checklist for a Small Business
What to gather before handing your books to an accountant or tax preparer.
A clean year end starts with complete records, not with the tax return itself.
Finish monthly reconciliations
Make sure bank and credit-card balances are supported by statements and investigate unresolved differences.
Collect missing documents
Find receipts, invoices, contracts and statements for transactions that still lack support.
Review accounts receivable and payable
Identify amounts still outstanding and confirm they relate to the correct period.
Review payroll and sales tax
Compare remittance records with payroll and GST/HST reports.
Identify capital purchases
Separate equipment and other significant assets for review instead of leaving them mixed with routine expenses.