Archive for the ‘Financial Friday’ Category
Financial Friday: Year-End and the New Year
January 8th, 2010
TGIF!! Welcome to our very first edition of Financial Fridays! I’d also like to extend a warm welcome to our very first guest blogger (who’s going to be a regular) Hilary McDonald – Accountant.
Every Friday Hilary will talk money; the ins and outs, ups and downs of small business finances. If you have a financial question – she is the person to ask.. Ask away and your question will be answered here – on the Foundation Studio blog!! FREE Financial Advice?! How cool is that?!
Hilary starts off the series with what to do now that the year has come to a close…
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Year-End and the New Year
Most unincorporated small businesses are required by the government to have a year end of December 31. So while we rang in the New Year most of our businesses had “year-end”. Did you miss it?! No worries. Thankfully, year-end for businesses is more a process of closing the books for 2009 and preparing for 2010. Whether your record keeping system is manual, computerized or like so many of us, a box of receipts in the corner of the office, there are a number of things you should be getting ready and organized. Tax deadline has a way of sneaking up on us each year.
- Separate 2009 and 2010 – Close your computer record keeping software for 2009 and open a new year. Follow the guidelines included in your software package and make sure you print everything your system suggests in hard copy and make a backup of your files before you close. Any manual ledgers that you keep should be totalled for the year and new ledgers set-up for 2010. If you are a box person, get a new box and write 2010 on it.
- Round-up paperwork – Start getting your tax paperwork together and keep it all in one place. T-slips from employer’s, investments and other income sources, UCCB, RRSP receipts, Fitness receipts for the Fitness Tax Credit, 2008’s Notice of Assessments and copy of tax returns, etc. T-slips must be issued by end of February so if you are missing any slips at that time, call the issuer to get new ones as quickly as possible.
- Communicate with your accountant. Ask questions if you are unsure of how to handle “year-end” related items and book an appointment now to get your taxes done. If this is your first year end, ask your accountant for a list of what information they are going to need to prepare your taxes for your business.
Getting organized will save you time and money. Let’s make sure 2010 is a truly prosperous one for your business!
Hilary L. McDonald – Accountant
www.HilaryMcDonald.com
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Got a financial question? Ask Hilary a question and you may have it answered in the next Financial Friday post!!
