Fall Back, Get Ahead: Spend the Extra Hour on Your Books

This Sunday, November 1, the clocks fall back and we all get an extra hour. Most people will spend it sleeping in. Business owners should spend it on something better: getting ahead of year-end.

November is the quiet month before the December rush, and it's the best time to do the bookkeeping chores that turn a frantic January into a smooth one. Here's how to use the hour:

**1. Reconcile now, not in January.**

Bank and credit card reconciliations done in November mean December's books close fast. If something doesn't match, you still have time to track it down before your accountant, your bank, or the IRS asks about it.

**2. Project your fourth-quarter estimate.**

Q4 estimated taxes are due January 15, but November is when the projection actually helps you. If income came in higher than expected this year, you can plan the payment now instead of scrambling in January — and if it's lower, you avoid overpaying.

**3. Start the 1099 list early.**

Every contractor you paid this year needs a 1099 in January. Pull the list now, while you still have time to chase down a missing W-9 or a corrected address. January-you will be grateful.

**4. Review payroll and benefits before the year closes.**

Year-end is the wrong time to discover a missed payroll tax deposit or an incorrect employee classification. A November review catches those while there's still a pay period or two to fix them.

**5. Decide on retirement contributions while you still can.**

Some retirement plan contributions must be made by December 31 to count for this year. November gives you time to run the numbers and make the move deliberately, not under a deadline.

The extra hour is a gift — and like most gifts in business, it's worth more if you use it on purpose. An hour spent on your books in November can save you days of stress in January.

*Questions about your year-end close? The Bottom Line is here to help — give us a call and let's get ahead of it together.*