Closing the Books at Year-End
Your responsibilities for closing the books at the end of the year are similar to month-end close, except now you get to zero some accounts and start fresh the next year. Small business owners report their profit or loss differently on personal and business tax returns depending on how their businesses are structured. After learning all the basics of accounting, you may want to shift to a computerized accounting system if you are using a manual one. We discuss how to convert and give an overview of software choices.