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Outsourcing Bookkeeping and Year-End Financial Responsibilities: How Sunday Bookkeeping Can Help

Writer: Manuel Domingo
Manuel Domingo
4 days ago
3 min read

 

As the end of the year approaches, business owners need to make sure their financial records are accurate, organized, and ready for the next tax season. Between managing customers, employees, expenses, and daily operations, year-end bookkeeping can quickly become another major responsibility. This is one reason businesses consider outsourcing bookkeeping: to receive consistent financial support while focusing on running their companies.


Important Year-End Financial Responsibilities

Before closing out the year, businesses should review several important areas of their finances:

1. Bank and Credit Card Reconciliation

Make sure bank and credit card transactions are recorded correctly and account balances agree with financial statements.

2. Review Income and Expenses

Check that business income and expenses are properly recorded and categorized. Identify missing transactions, duplicate entries, or unusual expenses that need attention.

3. Accounts Receivable and Payable

Review outstanding customer invoices, unpaid vendor bills, and other obligations. Make sure outstanding balances are documented and followed up on.

4. Payroll and Contractor Records

Review payroll records and organize vendor information needed for applicable 1099 reporting. Confirm details and filing responsibilities with your payroll provider or tax professional.

5. Inventory and Fixed Assets

If applicable, review inventory records, equipment purchases, and fixed assets to help ensure the books accurately reflect business activity.

6. Prepare Financial Reports

Review your Profit and Loss Statement, Balance Sheet, and other relevant reports. These documents help business owners and their CPAs understand the company's financial position.

7. Organize Documents for Your CPA

Gather bank statements, credit card statements, loan information, payroll records, receipts, and other supporting documents your CPA may request.


Real Company Example: 9th St. Partners

9th St. Partners is a California-based industrial real estate developer that experienced challenges as its business expanded. Its previous accounting processes relied heavily on QuickBooks Desktop, spreadsheets, and manual procedures. Leadership struggled to access timely financial information and spent considerable time resolving accounting issues. The company decided to outsource its accounting operations to Armanino.


According to Armanino's published case study, the company modernized its accounting systems, improved expense and accounts payable workflows, and established more structured financial reporting. Armanino also reported reducing the company's average month-end closing time by 65 days. The case study also explains that the improved process helped the company address its prior-year books and better understand outstanding financial items.


What can other businesses learn from this example?

Financial organization should not be postponed until the end of the year. Maintaining consistent bookkeeping throughout the year can make year-end responsibilities easier to manage and help business owners prepare for important financial decisions.


How Sunday Bookkeeping Can Help You Prepare for Year-End

At Sunday Bookkeeping, we help businesses maintain organized financial records and prepare for important year-end bookkeeping responsibilities.

Our services include:

  • Transaction and expense management

  • Bank and credit card reconciliation

  • Accounts payable and receivable support

  • QuickBooks setup and management

  • Monthly financial reporting

  • Cleanup and catch-up bookkeeping

  • Organizing year-end financial records

  • Preparing bookkeeping documentation for your CPA

  • Support with applicable 1099 record organization and filing coordination

Whether you are a startup, contractor, professional service provider, or established business, keeping your books current can help you approach year-end with greater confidence.


Don't wait until the last minute to organize your business finances. Let Sunday Bookkeeping help you get your books in order.

 

year-end bookkeeping services helping businesses reconcile accounts, organize expenses, prepare financial reports, and arrange records for CPA review.


Disclosure

This article is for educational purposes and references a publicly available case study published by Armanino about 9th St. Partners. Sunday Bookkeeping is not affiliated with, sponsored by, or endorsed by Armanino or 9th St. Partners. The reported results are specific to that company and are not guaranteed or representative of typical outcomes. Sunday Bookkeeping provides bookkeeping support and financial record organization; tax return preparation and tax advice should be handled by an appropriately qualified tax professional. This article is not tax, legal, accounting, or financial advice.

 
 
 

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