When you need to prepare for your accountant’s annual review it is important to do the following to ensure a complete and thorough process.

Ideally, you should be reconciling your company’s books on a monthly basis, but this all depends on the activity your company has. You’ll want to ensure you check your company’s equity beginning balances and ensure they agree with your prior year’s tax returns if using tax basis or against the prior year’s financials if using GAAP basis.

The next thing your company should do is enter your bank and credit card activity. Then you’ll need to prepare reconciliations, make copies of period-to-date payrolls, and invoice copies of any capital expenditures.

Once you have completed this, you’ll need to send these items to your accountant in a secure manner, along with any new agreements that you’ve entered into for the year. This can include leasing agreements and updated ownership agreements.

If you have any questions or need help preparing your accountant’s annual review, please contact us.