Now is the time to prepare for those dreaded tasks and get prepared for your tax accountant.
As I often do in this column, I will share some of the wealth of information that SCORE has in its many resources. Ryan Duffy is an attorney based in Charlotte, North Carolina. Ryan attended Villanova University School of Law and now shares his expertise as one of many content partners for SCORE. I will share some of his latest work on this topic.
Why close the books?
The term “closing the books” means that all financial transactions for the fiscal year are wrapped up, consolidated and reported. This will show what income and expenses were generated and the company’s profits or losses during that time. Delineating these figures one year from the other ensures that the previous year’s figures aren’t carried over, potentially skewing an…