Handling Year-End Closes for a Busy Market

The end of the year is a busy time for your accounting team. This is why it is important you have a year-end closing checklist to organize how the year gets wrapped up. Then, the books should be updated, accurate, and ready to transition to a new year.

Encourage your accounting team to follow these guidelines to handle year-end closes.

Get the Financial Statements

Gather the income statement, cash flow statement, and balance sheet. This shows where the business is at financially and provides the information needed for tax filing. The income statement summarizes the money gained and lost during the year. It lists the revenue, tax expenses, operating expenses, cost of goods sold, depreciation, EBIT/EBITDA, and other financial costs and gains. The cash flow statement lists the company’s incoming and outgoing cash. This includes the timing in which the money came in or went out. The balance sheet lists the organization’s assets, liabilities, and equities and tracks its financial progress. The assets should be equal to the liabilities and equity.

Collect on Overdue Invoices

Contact customers who are late in paying company invoices. Be professional, understanding, and patient. If a customer cannot cover their debt, set up a payment plan with due dates. This shows you care about their business and understand their situation. Document each conversation and what the results were so you can refer to them as needed.

Gather Employee Information

Get together the Form W-4 you have on file for each employee. Use the information to complete each staff member’s Form W-2. They will need this information for tax filing.

Verify Payroll

Ensure your payroll records are accurate and current in your books. This includes raises, year-end bonuses, withheld tax amounts, and benefits.

Account for Inventory

Verify accurate counts of the materials and supplies on hand. This shows how much was spent on inventory during the year and its value. Make sure the inventory totals match the balance sheet. If you find discrepancies, make the proper adjustments.

Organize the Business Receipts

There are many ways you can organize receipts. For instance, you can sort them by the type of expense or in chronological order. You also can use folders and labels to keep the receipts separated or store them digitally on a mobile device.

Reconcile the Bank Accounts

Bank account reconciliation verifies that your accounting records match your bank accounts. The process involves comparing your bank statements to your accounting records. Your statements should match the balance stated in your books. If they do not, you need to uncover the discrepancy. This may involve adjusting a record for the balance to be equal.

Need Help with Your Year-End Close?

Handling year-end accounting procedures is a challenging process. Each step needs to be completed on time to transition into the new year. Having a checklist on hand can ensure everything gets done and the records are accurate and organized.

If you need help with your year-end close, get in touch with Casey Accounting & Finance Resources. We can provide temporary accounting professionals to help you close out the books and get ready for 2022.

Bring Your Staff Together This Holiday Season! 5 Ways to Boost Employee Morale

Bringing together your accounting and finance team during the holidays is a great way to elevate morale. Setting up activities for your staff to participate in helps them interact and get to know each other better. This can increase engagement, collaboration, and productivity both now and in the future.

Choose among these ideas to unite your accounting and finance team and elevate morale this holiday season.

1. Play Holiday Music in the Office

Play your team members’ favorite holiday songs throughout the workday. Music has been shown to enhance productivity and spread positive feelings. Diversify the playlists, artists, and songs to include Christmas, Hanukkah, Kwanzaa, and other religious holidays. Additionally, include lyric-free seasonal songs for a more neutral holiday environment.

2. Encourage Desk Decorations

Let your employees express their holiday cheer by decorating their workspaces. This has been shown to increase motivation, engagement, and productivity. It also elevates energy levels and makes staff happier. Suggest neutral decorations for the rest of the office. This may include dressing up the refrigerator in the office kitchen as a snowman or wrapping an office door like a present. You may want to hang stockings with small gifts for your employees as well.

3. Promote a Wellness Activity

Set up an activity in the office to increase relaxation and reduce stress. This is especially important if your team is working extended hours during the holiday season. For instance, hire an instructor to come in for an hour of meditation or a yoga session. Your staff should return to work refreshed, invigorated, and feeling appreciated. Or, bring in a lunchtime fitness instructor to provide walking tips while your team members walk outside and breathe in the fresh air. They can enjoy a bag lunch before returning to work.

4. Provide Monetary Gifts

Surprise your staff with additional vacation days, a year-end bonus, or another monetary gift. Your team will appreciate the extra time off to unwind with family and friends. They also would enjoy treating themselves to a holiday gift from the company.

5. Offer Additional Flexibility

Because employees tend to be busier than ever during the holidays, allow more flexibility in their work schedule. Your staff may need additional time for shopping, decorating, baking, attending school events, and visiting with family and friends. Loosening up their schedules encourages your employees to participate in the activities that mean the most to them. Letting them fit their work around their personal lives as much as possible shows you care about their happiness and well-being.

Happy Holidays from Casey Accounting & Finance Resources!

Bringing your accounting and finance team together during the holiday season is a great way to build morale. The excitement of celebrations with family and friends and the anticipation of beginning a new year make this the perfect time to build memories.

When you are in need of professionals to add to your team, reach out to us. We look forward to helping you attain your business goals in 2022.

What We Love About the Holiday Season

If you’re like us, this time of year gives us all the holiday feels. It’s like everyone is in good spirits.

There are many reasons to love the “most wonderful time of the year.” Snowball fights. Eating. Celebrations with friends and loved ones. Finding the perfect gifts. Volunteering. More eating. Writing letters to Santa. Driving through neighborhoods to see the lights and decorations. Carolers. Did we mention eating?

Are you jamming to holiday music? Let’s see a show of hands. Who started in November? Who breaks out the Jingle Bells in the heat of the summer?

Are you the holiday sweater wearer? The tackier, the better? Yes, please!

With all the cheerfulness surrounding us, we decided to share some of the things we love about the holidays.

Eileen R., Ponderer of Good Fortunes

Director of Sales & Recruiting – Casey Accounting & Finance Resources

I love the holiday season because it is a time to gather with family and friends in sharing some cheer. It is always a good time to reflect on all the blessings you have been granted throughout the year and the anticipation of what is to come in the new year of 2022!

Nina S., Present Wrapper Extraordinaire

Administrative Assistant

I love the holiday season because growing up, my parents always worked so hard to make sure my brother and I had a great Christmas and wanted to see our faces GLOW on Christmas morning. And still, to this day, at the age of 27, I still get very excited, like a little kid, about Christmas. I enjoy the lights, the songs, and surprisingly – I love to wrap presents! The whole Holiday Season gives me so much Joy! My most favorite family traditions are getting a real Christmas tree every year and decorating it together and having Mom’s home-cooked Prime Rib Dinner on New Year’s Day!

Cheryl R., Expert Party Organizer

Director of Recruiting and Sales – Arlington Resources

I love the holiday season because for the last 20 years, I have hosted a girlfriend’s Christmas party, and it is one of the best nights of the year that I always look forward to. It started out as a cookie exchange and gift exchange, and now we skip the cookies but like to have a theme party. The party brings my old friends and new friends together and helps me celebrate my most favorite holiday and time of year. I love my real Christmas tree, Christmas music, Christmas cookies, Christmas decor…I LOVE it all!

Denise Y., The Chef

Director, Recruiting, and Sales – Arlington Resources

I wanted to share one of my favorite party recipes: Hot Crab-Cheddar Spread

1 (8 ounce) container of crabmeat, drained and shredded
2 cups of mild or sharp cheddar cheese (grated)
½ cup of Mayo

¼ teaspoon Worcestershire sauce

Preheat oven to 350

Mix together all ingredients, bake for 25-35 minutes and serve with crackers or toast

Elizabeth L., Christmas Tree Lover

Senior Recruiting Consultant, Arlington Resources

I love the holiday season because I love having our Christmas tree up and lights on. We get to take cute pictures with our dog, Amy!

Erin G., Witness to the Best in Humanity

Senior Recruiting Consultant, Arlington Resources

I love the holiday season because, in general, people seem to be more kind, giving, and caring during November and December. I also love holiday lights and decorations.

Julie J., Believer in Magic

Sourcing Specialist, Arlington Resources

I love the holiday season because my young kids are very into the magic of Christmas, and it’s a very special time!

From All of Us to All of You

We want to take a moment to say how grateful we are for our customers for trusting us with your staffing needs and for all our associates who work for you. It is truly our pleasure to serve you and to partner with you.

‘Tis the Season to be Jolly

Can you relate to our list? Here’s to a season of merriment and peace. It’s important to recognize what we have and all the wonderful blessings we’ve received. Go out and put a smile on someone’s face.

Spread love throughout the season and keep it going throughout 2022!