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Finalizing Your Books for the Year – What Does Your Accountant Need?

Feb 15, 2023 11:28:05 AM Kathy Dise

accountantThe new year is well underway, but before you move on and leave 2022 in the dust, there are a few things your accountant needs to prepare your taxes properly. The sooner you provide this information, the better. Your accountant is swamped and will be able to get your taxes done if you get these important items to them by mid-February (so right now!).

Accountants Need the Following:

QuickBooks Online Access: Accountants prefer having direct access to your books so they can generate the reports they need. 

Fixed Assets: Detail any fixed assets you purchased or disposed of during the year so your amortization schedule is correct. It’s a good practice to attach receipts and any other documentation you have directly into QuickBooks. 

Loans: If you obtained any loans during the year, let your accountant know and attach the related documents directly to the transaction in QuickBooks. 

Payroll: Provide your W2s and W3s for payroll. If you prepared your own 1099s, provide that documentation to your accountant as well. 

Home Office Expenses: If you haven’t yet, calculate the net square feet used for your home office vs. total home square footage. Also provide details on your mortgage or rent, insurance, and utilities to calculate the expenses associated with your home office. 

Vehicles: Provide details on your vehicle that is leased or owned by your business. That means you'll want to compile the expenses associated with your vehicles--such as insurance or repairs--along with miles used for business and total miles used during the year. 

Club Memberships: Your accountant will need expenses associated with social club memberships. 

Medical Insurance: Expenses associated with medical, dental, and life insurance (including Keyman insurance) will be necessary for your accountant to prepare your taxes. 

Tickets: If you purchased tickets for entertainment (sporting events, theater, golf, etc.), you'll need to provide the specifics. 

Inventory: Identify beginning and ending balances of inventory.

The Other Stuff

The above items are important, but don’t forget to do the basics such as:  

Reconcile: Not only do bank and credit card accounts need to be reconciled, but make sure there are no uncleared items that are not current.  

Loans:  Ensure you have properly allocated interest and principal for your payments. This includes business loans, car loans, lines of credit, etc. 

Reports: Review your profit and loss and balance sheet for consistency in expenses and income. Generate these reports by month for the year so you see a full picture of events. 

Accounts Receivable: Review your open invoices to ensure nothing needs to be written off as bad debt. 

Accounts Payable: Check payables to ensure there are no mistakes and that what is listed as due is correct.  

Business Expenses Paid via Personal Accounts: All business expenses that you paid for through personal accounts should be expensed in the business. The offset would be either an Owner’s Contribution, Loan from Owner, or you can reimburse yourself.  

The Final Step

Last, but in no way least, set a time to talk to your accountant and get feedback. You should be meeting with your accountant at least twice per year.  Reach out to us at if you need assistance. We care and are well-versed in what accountants are looking for. 

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Kathy Dise

Written by Kathy Dise

Kathy has over 30 years experience helping small businesses succeed. As a commercial lender, commercialization expert and now as a QuickBooks diamond level advisor, Kathy understands the challenges small business owners face. Her experience helps business owners quickly accomplish their financial goals. As the owner of BudgetEase, Kathy works with clients to develop a plan to efficiently process 1,000s of small transactions so owners can make informed decisions. She lives in Shaker Heights, OH with her husband Ralph and enjoys golf, curling and walking in Cleveland’s fabulous Metro Parks.