Year-End Superheroes


I couldn’t believe it was happening again. It called to me like a bat signal in the sky calls to Batman. This was my opportunity to don the cape and tights and show the world what I had! (Well, maybe not the whole world. And maybe more like a pocket protector and designer reading glasses instead of a shiny costume…but you get the idea.) So what was this crisis that needed attention, and fast? The thing that strikes fear into the hearts of accountants everywhere: improperly maintained financial records.

The conversations always start innocently enough. “I think I could use a little help with my bookkeeping,” they casually mention. After digging through a stack of crumbled receipts, it quickly becomes clear that “little” is much too small a word, and “help” should really be written as “HELP!!!”

In most cases of improper records, there’s no evil afoot - the day-to-day financial managers are simply too busy to take the time to make necessary entries to their bookkeeping system, and things fall through the cracks. But this procrastination and lack of attention to detail can cause big problems at year-end when you realize that you don’t really have a clear idea of your financial standing.

Why is it important to have up-to-date information at the ready? Well, consider these questions:

  • Do you know for certain that your monthly rent check won’t bounce?

  • Have your suppliers increased their prices? How is that affecting your profits?

  • Have you paid all of your required employment tax liabilities?

  • Did you accurately calculate sales tax remittance?

  • Will you be able to afford the increased mandated minimum wage and/or overtime requirements?

The only way to have a clear picture of your financial future is to have a complete picture of the past. Timely and accurate entries into your bookkeeping system is essential to creating informative financial statements. By working this into your daily business routine, you won’t have to send out a year-end S.O.S. - and I’ll be able to leave my superhero cape in the closet!