{"id":3132,"date":"2019-11-22T11:01:02","date_gmt":"2019-11-22T11:01:02","guid":{"rendered":"https:\/\/www.hashmicro.com\/blog\/?p=3132"},"modified":"2025-05-14T07:41:20","modified_gmt":"2025-05-14T07:41:20","slug":"year-end-accounting-tips","status":"publish","type":"post","link":"https:\/\/www.hashmicro.com\/blog\/year-end-accounting-tips\/","title":{"rendered":"Year-End Accounting Tips for Healthy Business Finances"},"content":{"rendered":"

Year-end accounting procedures must be <\/span>carried out after the financial year ends, but before the financial statements are prepared. Although these procedures may be stressful, they have to be done <\/span>rigorously to achieve accurate results. These results will then help you <\/span>determine your business financial position and make the right financial plans for next year.<\/span><\/p>\n

Here are a few year-end accounting tips that you can apply to your company for healthy business finances!<\/span><\/p>\n

\"Free<\/a><\/span><\/p>\n

1. Get All Your Invoices Paid<\/span><\/h2>\n

Before preparing your year-end financial statements, make sure you have sent statements to the right clients and remind them of their unpaid invoices. Check if you have any open sales orders or active projects that aren\u2019t billed yet, and send out your invoices for them.<\/span><\/p>\n

Unfortunately, not all clients pay their bills on time. Sometimes, you have to repeatedly remind them and even resend them their invoices. Without an automated system, collecting payments can be so wearying, because your accountants have to check every invoice, find each client\u2019s information, and generate invoices manually.<\/span><\/p>\n

Therefore, we recommend you to streamline those processes by using an e-Invoicing system. This tool maintains all your billing documents digitally, updates the payment status right away, allows you to create recurring invoices instantly, and enables you to send payment reminders automatically<\/a>. You can directly send payment reminders to your clients by email through the system<\/span><\/p>\n

2. Record Your Expenses<\/span><\/h2>\n

In addition to settling your accounts receivables, you also need to make sure that you have paid all your debts. Collect all bills from your vendors and make sure that they are all paid.<\/span><\/p>\n