‘8 Accounting To-Dos for Your End-of-the-Year Checklist’ – Entrepreneur
Gladiel Morantes says, “An understaffed accounting department caused big trouble for the city of Spokane, Washington. During an audit of the city’s 2014 taxes, several errors surfaced, including revenue miscalculation, an overstatement of general fund expenses and inaccurate reports of debt changes.
While many of these mistakes were simple spreadsheet flubs — a matter of figures placed in the wrong spots in the city’s financial statement — the result was a multimillion-dollar miscalculation. Fortunately, the state auditor’s office identified these slips in time, but the lesson was clear.
Spokane now has a fully staffed accounting department and internal procedures to prevent future disasters. A large-scale issue like this should be a warning to small businesses: Avoid the kinds of errors that carry implications for your company’s reputation and bottom line by making a year-end accounting checklist your new best friend”.
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