Monthly or quarterly checklist to keep your financials on track
By Emily Zuver, Senior Assistant Accountant, Holbrook & Manter
With tax season behind us, now is the perfect time to focus on ways to be more fiscally efficient within your agribusiness. It can be time-consuming to review and gather financial information to send to your accountant, I get it. However, it is always best to keep this information organized and current. Below is a checklist to help keep your financials on track and avoid year-end frustrations.
- Record and categorize income and expense activity during the period.
- This could include recording prepaids such as rent, insurance, etc.
- Break out principal and interest on loan payments.
- Reconcile bank accounts — identify and investigate discrepancies and outstanding items.
- Review and follow-up on Accounts Receivable and Accounts Payable aging.
- Audit inventory and adjust as needed.
- Review specific accounts
- Repairs and maintenance/office supplies — to see if any items listed here can be capitalized.
- Meals and entertainment to determine if they are for business purposes.