Credit Card Processing for Accountants

Key Financial Steps To Take in the New Year

There are several key financial steps to take in the New Year to ensure that you are ready for the next 12 months. Many of these are reminders to check your technology platforms, settings and tools. Make sure everything is in place and then relax knowing you are set for 2024.

Check Tax Rates

Many local taxing authorities make changes that go into effect on January 1st. Ensure that your POS System is properly assessing and charging sales tax. Update your settings as needed.

If you don’t know how to change this, or need to go back and adjust the first few days (or weeks) of transactions, please ask.

Verify All Users Are Current

Check your staff access and rosters. Who has access that may no longer need access? Look at employees who retired, moved, went back to school or permanently left the company; their access should be deleted. New users should be set up with unique passwords.

Maintain PCI compliance in all aspects of the POS System and back end access to merchant services account.

Finalize End of Year Reports

If you did not already, run your end of year reports. Then, finalize your review. Better to do it now than to wait until the last minute for your CPA or tax preparer.

Check for errors, make notes on adjustments, journal vouchers and accruals needed. Keep your accounting team updated with what you see that was in error so they can document everything correctly for your taxes.

If you haven’t already set up automation between your POS System or operations management software and QuickBooks, do it now so you have it for the end of the quarter. You know you have waited too long to do it, don’t procrastinate any longer.

Resolve Open Accounts Receivables

Are you carrying forward any outstanding A/R from customers?

Make a list and tackle the oldest and/or the biggest balances first. Establish a method to collect.

  • Are they sending a check? Offer credit card payment options to close out their balance.
  • Did you move to a check policy to save on credit card fees? Maybe it is time to reassess this plan and make some adjustments.

Adjust Mileage Credits

The IRS changed the allowable standard mileage rate for 2024. Verify your company’s allowable mileage rate for any reimbursements and expenses and systems that track mileage and calculate expense line items for any vehicles used in the business.

Contact Your CPA

Schedule your 2023 year end review with your CPA or tax preparer. Setting up an appointment now will establish your internal deadline to complete all of your year-end paperwork. It can save you money, time and energy later. It may also reduce stress…and we all need help with that.

If your CPA or tax preparer does not accept credit cards for their fees, make an introduction, we can help with that!

It’s a Whole New Year

At the end of each year, and early in the New Year take stock. Not just inventory. Who is on staff, and what should their goals be? Determine how they will help the company to achieve sales, meet expenses and complete important projects.

This can be a transition period and moving forward with improved offerings, better control on expenses and ability to serve customers better. Keep growing and improving.

Ready for 2024

If you are rethinking any of your financial systems and want to set up a review, schedule a call at your convenience. Have other ideas that can help? Let us know and we will add them to our list next year!