How to be Prepared for Fiscal Year End
Preparing for the end of the fiscal year can be intimidating but it can be much more manageable with some early planning. Whether you're an accountant, own a business or preparing for government fiscal year end, keeping your books organized is integral for closing out your books easily. Here are a few things to keep in mind to make sure your office is ready before the end of the year.
When Does the Fiscal Year End
The fiscal year is the twelve-month period that a company uses for their accounting purposes. Most fiscal years align with and end with the calendar year. However, the fiscal year can potentially end with any business quarter.
But this doesn't mean you can change the range of your fiscal year on a whim. You need to confirm your fiscal year with the IRS to make sure you don't miss any important deadlines.
How to Prepare for the End of the Fiscal Year
Keep important details on-hand using Index Maker® dividers (11437)
Although most financial years end on December 31st, the end of the year will creep up on you faster than you'd like. Plan ahead and make sure to keep careful track of your inventory and profits both digitally and with hard copies. If you have multiple salespeople in your business, you can organize their metrics using individual file folders or with dividers so that you can have their information on-hand.
If your fiscal year doesn't end with the calendar year, the template for the 12-tab table of contents dividers can be edited to show the months for your financial year in order. Avery's design software can make this process easier with its built-in mail merge tool. Just upload a spreadsheet with the months for your financial year in order and the mail merge function can automatically fill in your divider tabs. This tool can be used across all printable Avery products including file folder labels, ID labels, barcode labels and more.
Organize files quickly using color-coded TrueBlock® file folder labels (5266)
Although almost all of your information is now stored digitally, file folder labels and manila folders continue to be invaluable tools to get your data in order. And it's very likely that you have plenty of file folders from old projects as well. File folder labels using TrueBlock material are a cost-effective way to reuse old files by completely obscuring the old text underneath without any color bleeding through.
Many Avery file folder labels also use Sure Feed technology to help prevent sheets from jamming during the print. The blue, textured strip at the top and bottom of each page provides extra friction to help keep sheets from misaligning. The last thing you need to worry about when filing your taxes is a paper jam so we made sure to take care of that for you.
A Fresh New Year
File folder labels (5366) with Sure Feed™ technology deliver a jam-free experience
But the end of the year also signals the beginning of a new one. Once you've finished, look back at your process and make a list of all of the points that could use improvement. This can be a great opportunity to streamline your bookkeeping and workflow for next year.
Also, don't be afraid to invest in new products, tools or software that will make your life easier. Your first instinct may be to save money but the time you earn back by not having to worry about paper jams, lost information or being caught unprepared is priceless.
Products used in this article:
EcoFriendly Ready Index® 1-10 Multicolor Tab Dividers (11082)
Print & Apply Index Maker 8-Tab White Dividers (11437)
TrueBlock 2/3" x 3-7/16" Assorted Color File Folder Labels (5266)
TrueBlock 2/3" x 3-7/16" White File Folder Labels (5366)