#067 Optimize the year-end close with QuickBooks
Christiane Constantineau, DESS, EMBA, CPBMaster your year-end closing with QuickBooks Online Ⓡ in 6 easy steps 💰✅
The end of the year is approaching, and for many, it can seem like a difficult administrative mountain to climb. But the good news is: the financial close doesn't have to be complicated!
With the right tools like QuickBooks Online Ⓡ and a little organization, you can make this task a simple, efficient, and almost... satisfying process. 💪
6DT Conseil is here to help you see finances differently: not as a headache, but as a powerful ally to develop your business with confidence.
Here's how to master your year-end closing in 6 easy steps.
Clean up your finances 🧹💰
Before closing out your year, give your finances a good clean:
🔸 Reconcile your transactions so that nothing escapes you.
🔸 QuickBooks Online: Each transaction must be recorded in the correct category (we promise, it's not rocket science with QuickBooks Online Ⓡ! ).
🔸 𝐀𝐣𝐨𝐮𝐭𝐞 𝐥𝐞𝐬 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬 𝐨𝐮𝐛𝐥𝐢𝐞́𝐞𝐬: Manual payments to register? Now is the perfect time.
Imagine tidying up your house before having guests over. Your finances deserve the same care! 🎯
Keep your accounts receivable and payable in order 🤝
Healthy cash flow requires well-managed accounts:
🔸 Reminders: A little reminder for unpaid bills can make a big difference.
🔸 Settle your payment schedule: Pay what you owe or set a realistic payment schedule.
QuickBooks Accounts Receivable and Accounts Payable reports give you an instant overview. Use them to stay in control, even when things get busy. 🚀
Simplify your tax returns 📑✨
Taxes can seem complicated, but QuickBooks makes it a lot easier. Here's how:
🔸 𝐆𝐞́𝐧𝐞̀𝐫𝐞 𝐭𝐞𝐬 𝐫𝐚𝐩𝐩𝐨𝐫𝐭𝐬 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐞𝐫𝐬: Export your balance sheet and income statement in just a few clicks.
🔸 Tax return for the year: GST/QST, everything is already calculated. All you have to do is submit.
🔸 Tax Benefits: Optimize your tax benefits by making sure everything is properly categorized.
Think of taxes like a cake: each well-placed layer makes the whole thing more presentable... and less intimidating! 🍰
Analyze your performance to progress better 🚀
No need to wait for the new year to take stock of your finances:
🔸 𝐂𝐨𝐦𝐩𝐚𝐫𝐞 𝐭𝐞𝐬 𝐫𝐞𝐬𝐮𝐥𝐭𝐚𝐭𝐬 𝐚𝐮𝐱 𝐩𝐫𝐞́𝐯𝐢𝐬𝐢𝐨𝐧𝐬: Where are you in relation to your initial objectives?
🔸 𝐑𝐞𝐩𝐞̀𝐫𝐞 𝐥𝐞𝐬 𝐭𝐞𝐧𝐝𝐚𝐧𝐜𝐞𝐬: Are there expenses to cut? Opportunities to exploit?
🔸 Keep track of the money coming in and going out: Have a clear view of the money coming in and going out to adjust your strategy.
Think of this step as a dashboard for your business: everything is there to make the best decisions. 🗺️💡
Prepare for the coming year 📅
Your fence is also a preparation for the future. Take advantage of this moment to lay a solid foundation:
🔸 𝐅𝐢𝐱𝐞 𝐝𝐞𝐬 𝐨𝐛𝐣𝐞𝐜𝐭𝐢𝐟𝐬 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐞𝐫𝐬 𝐫𝐞́𝐚𝐥𝐢𝐬𝐭𝐞𝐬: Look at your past performance and adjust your expectations.
🔸 Adapt it to your company’s new priorities: Adapt it to your company’s new priorities.
🔸 Alerts for your account: Schedule alerts so you never miss a payment or tax deadline.
Think of it as a list of financial resolutions. The more you plan, the more stress-free you’ll be. 🎯
Backup your data securely 🔒💾
QuickBooks Online offers automatic cloud backup, but a local copy is always useful. This gives you security and peace of mind in case something unexpected happens. 😇
And there you have it!
With these 6 simple steps and the powerful tools of QuickBooks Online Ⓡ , the year-end closing will no longer be an insurmountable challenge.
6DT Conseil is here to support you and transform this often dreaded moment into an opportunity for advancement and growth.
Need help? 🤯
We offer tailored training and services to help you better understand your finances and move forward with confidence.