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EversteadACCOUNTING & ADVISORY

The useful details

A little clarity
goes a long way.

Practical guides for more organized books, more productive conversations, and a better understanding of your financial information.

4 practical guides

01

Bookkeeping

A practical monthly close checklist

Turn month-end from a scramble into a repeatable routine.

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1. Gather the source records

Collect statements for bank accounts, cards, loans, and payment processors. Add sales reports, vendor invoices, payroll summaries, and explanations for unusual transactions. Keep a list of missing items so the close does not silently depend on incomplete information.

2. Reconcile before interpreting

Match statement balances to the books and investigate differences. A bank feed is a data source, not a completed reconciliation. Check transfers between accounts so they are not mistaken for income or expenses. Review old uncleared transactions instead of carrying them forward indefinitely.

3. Review the balance sheet

Look beyond the income statement. Ask whether receivables are collectible, vendor balances are complete, loan balances agree with statements, and owner activity is recorded consistently. An unexplained balance is a question to resolve, not simply a number to accept.

4. Write down what changed

Compare the period with the budget or a meaningful prior period. Identify unusual sales, cost changes, one-time purchases, and timing differences. A short commentary can be more useful than an extra page of ratios. Assign an owner and a resolution date to open questions.

5. Preserve the completed period

Keep the agreed reports and supporting schedules together, record any unresolved limitations, and define how later adjustments will be approved. The checklist should be small enough to use consistently and detailed enough to make responsibilities clear.

02

Tax preparation

Get your business tax records ready

A more complete starting file makes the preparation conversation more useful.

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Start with identity and history

Gather the prior return, entity and ownership details, relevant elections, and notices received during the year. Identify changes in owners, addresses, activities, or states where the business operates. Do not assume last year’s facts are still current.

Connect the records

Prepare reconciled financial statements and the supporting schedules for material balances. Include payroll reports, loan statements, fixed-asset information, and details of owner contributions or distributions. Keep copies of closing documents for significant purchases or sales.

Flag unusual transactions

Make a separate list of major equipment purchases, financing changes, new locations, ownership transfers, and transactions with related parties. Explain the business purpose and retain the source documents. A clear description helps the preparer know which questions to ask.

Document what is missing

Acknowledge incomplete records early. A missing document can affect the filing plan or require additional work. Agree on who will obtain each item, which returns are in scope, and how the final return and payment instructions will be reviewed.

Use an agreed exchange method

The website inquiry form is not a document portal. Arrange an appropriate channel with your preparer for confidential records and confirm access permissions. Keep a record of what was provided and any outstanding requests.

03

Business advisory

Why profit and cash tell different stories

Understand a common source of confusion in a growing business.

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The reports answer different questions

Profit measures revenue and expenses under the accounting approach used. Cash describes money moving through your accounts. Depending on the accounting method, the timing of those two views can differ. Reading one without the other can leave important questions unanswered.

Look at customer and supplier timing

A business can record a sale before the customer pays. It can also pay for supplies or inventory before recognizing the related expense. Growing quickly may require more working capital, even when sales and reported profit are improving.

Separate financing and owner activity

Borrowing adds cash but does not itself create operating revenue. Repaying principal reduces cash but is different from interest expense. Owner contributions and distributions also change available cash without being the same as ordinary operating income and expense.

Build a bridge between the two

Start with the reports and ask where money is waiting, committed, borrowed, invested, or withdrawn. A cash forecast adds a forward view by combining expected receipts and payments with their likely timing. The assumptions matter as much as the final balance.

Use the insight in decisions

Before hiring or making a large purchase, consider the timing of the cash requirement as well as the expected effect on profit. Comparing a base case with slower collections or higher costs can reveal where the plan needs more flexibility.

04

Getting started

Financial habits for a new business owner

Five routines that make future accounting work easier.

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Separate the financial trail

Use a deliberate business banking and payment workflow. When the owner puts money in or takes it out, document the purpose and supporting details. Clear records help distinguish business activity from personal activity and reduce questions later.

Keep the story with the receipt

A receipt alone may not explain the business purpose, the project involved, or who approved the cost. Capture that context while it is fresh. Use consistent file names and a storage approach that your team can maintain.

Reserve time for the books

Choose a recurring time to collect documents, review invoices, and address questions. A small routine is usually easier to sustain than a large cleanup. Assign responsibilities even when the business has only one or two people.

Review a small set of reports

Begin with understandable financial statements, cash visibility, and outstanding customer balances. Add detail only when it supports a decision. A report should help you ask a better question, not simply create more pages.

Raise changes early

Tell your advisers about new employees, locations, owners, sales channels, financing, and large purchases before the details become difficult to reconstruct. Early communication gives the relevant professionals more opportunity to identify the questions involved.

Go to the source

Official U.S.
tax resources.

Use current government guidance for forms and general federal information. State rules and your specific circumstances may differ.

IRS Small Business & Self-Employed Tax Center↗ (opens in a new tab)Understanding estimated taxes↗ (opens in a new tab)Business recordkeeping guidance↗ (opens in a new tab)Understanding Form 1099-K↗ (opens in a new tab)

Keep the context

A useful starting point.

These guides are educational material. They do not cover every rule, establish an accounting method, or replace advice tailored to your facts. They are designed to help you organize information and ask better questions.

When reviewing a tax resource, check the tax year, the entity or taxpayer involved, and whether the guidance applies to your situation. Forms, thresholds, and deadlines can change. Confirm requirements with the relevant authority and your adviser.

Good decisions start with a conversation

Good questions are always a good start.

Let’s talk