It’s the lifeline of your business, your financial statements that play a major role in the compilation of your year-end statements. These are the transactions you record in your accounting books. While preparing your year-end you should have an income statement, cash flow statement and balance sheet handy. Apart from that you also need to collect past due invoices, take an accurate count of the materials and supplies you have on hand (if your business has inventory), organize business receipts, reconcile your bank accounts and credit cards and review both your accounts receivable & accounts payable to wrap up your accounts for the current year. In addition, ask your accountant what information they need from you for the closure of the year-end accounts and prepare for the upcoming year and tax season. And last but not least, do not forget to back up all your important accounting information from this year and previous years particularly if you are not using any accounting software.