Secure your company’s financial growth as you strategize and plan for 2024 with AccountSight

• Thoroughly review your company’s time entries to verify their accuracy and completeness.
• Ascertain whether each timekeeper has recorded billable hours.
• Rectify any inaccuracies or exclusions in time entries.

• Generate and review invoices for all completed work.
• Ensure invoices are accurate and include all billable time and expenses.
• Set up invoice templates with the necessary year-end details.

• Review and categorize all expenses in your billing software.
• Conduct an audit to ensure expenses are appropriately allocated to clients or matters.

• Review outstanding client balances.
• Follow up on overdue invoices and collections.

• Verify trust account transactions for accuracy.
• Ensure that you have reconciled and updated balances.

• Generate year-end financial reports, such as profit and loss (P&L) and balance sheet.
• Analyze your firm’s financial performance throughout the year.
• Pull the previous year’s reports to compare year over year and to provide your firm with a solid basis for projections.

• Export financial data and reports for tax purposes.
• Ensure you have organized all relevant tax documents and prepared all needed information for your accountant.

• Ensure compliance with local, state, and federal tax regulations.
• Confirm that your firm followed all accounting rules and regulations and won’t be surprised by non-compliance violations or consequences.

• Create a backup of relevant financial data and reporting to prevent data loss.
• Securely archive critical financial documents, such as invoices, receipts, and reports.
• Familiarize yourself with record retention requirements in your jurisdiction and archive or dispose of records accordingly.

Reconcile your records with your bank statements and financial records.

• Make year-end adjustments and communicate them to clients
• Make any necessary year-end adjustments to your accounts.
• Review and update billing rates, if applicable.
• Inform clients of any changes in billing rates or policies for the following year.

• Use your reported financial data to plan your budget for the upcoming year.
• Set financial goals and objectives for the upcoming year using insights gained from your year-end review.

• Schedule training sessions with AccountSight support to learn about new features or updates that can streamline your financial processes.