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Accounting Financial EOY

Financial Statement Preparation

Gather all financial records for the year, including income statements, balance sheets, and cash flow statements.

Confirm all revenue and expense entries are recorded accurately in the accounting system.

Reconcile bank statements with accounting records to ensure accuracy.

Prepare detailed schedules for accounts receivable and accounts payable.

Review and adjust inventory counts for food, beverages, and other supplies.

Tax Compliance

Gather all necessary tax documents, including W-2s, 1099s, and any other relevant tax forms.

Review tax deductions and credits applicable to the hotel and hospitality industry.

Ensure compliance with local, state, and federal tax regulations.

Prepare and file business tax returns and extensions if necessary.

Audit Preparation

Organize documents and financial records for internal or external audits.

Ensure all financial controls and procedures are documented and followed.

Review internal financial policies and update them as needed.

Conduct a preliminary internal audit to identify any discrepancies.

Budget Review and Planning

Analyze the financial performance compared to the budget for the year.

Prepare a budget variance report to understand deviations from the planned budget.

Set financial goals and prepare a budget for the upcoming year.

Engage department heads in the budgeting process for accurate forecasting.

Asset Management

Review and update the fixed asset register, including property, plant, and equipment.

Calculate depreciation and ensure it is accurately reflected in financial statements.

Assess the condition of physical assets and plan for replacements or upgrades.

Cash Flow Management

Review cash flow statements and assess the liquidity position of the organization.

Prepare cash flow projections for the upcoming year, considering seasonal variations.

Identify any cash flow issues and develop strategies to address them.

Financial Review and Reporting

Prepare a comprehensive end-of-year financial report for stakeholders.

Highlight key financial metrics, performance indicators, and trends.

Schedule a meeting with stakeholders to present and discuss the financial results.

Compliance and Regulation Review

Ensure adherence to industry regulations, including health and safety standards.

Review any changes in labor laws or hospitality regulations that may impact financials.

Update any necessary licenses or permits for the upcoming year.

Stakeholder Communication

Communicate financial results and key insights to owners, investors, and key stakeholders.

Provide financial performance reports to department heads for transparency.

Gather feedback from stakeholders to improve financial practices in the future.

This checklist serves as a guide to help Hotel & Hospitality organizations effectively manage their accounting and financial processes at the end of the year.

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