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Wrap it up! Clean-up your applications before the new year

ARTICLE  | 

With the end of the year looming it is a good time to consider ways to clean-up your applications before rolling into the new year. Beyond closing the books and completing taxes there are a few often overlooked tasks that can make a difference in day to day processing:

Accounts payable

Updating records prior to running 1099’s is part of a normal process, but often is focused solely on those 1099 vendors. It’s a great time to review all vendors to:

  • Inactivate or delete, vendors with no activity
  • Review vendors for duplicates to be merged
  • Confirm insurance certificates, exemption documents, W-9s etc. are up to date

Reconciliations

It is a great time to address the immaterial differences, let’s eliminate those pennies!

Fixed assets

Send out listings or perform an inventory to verify items’ status

Inventory

Verify your actual inventory levels match the records and adjust for obsolete or damaged items

Customer records

  • Review for duplicates and incomplete records
  • Inactivate or delete inactive customers
  • Review “prospects” or “pending” status to be updated

Documents

  • Review your data and document retention policy
  • Dispose of unneeded documents both in office and in storage, remember to verify with legal if any documents are on legal hold
  • Let’s look at those temporary and archive folders and clean-up our hard-drives and file shares

Emails

  • Empty those recycle bins
  • Update contact records and distribution lists

While not everyone enjoys wrapping up the year, it is important to deal with old data, issues and concerns so you aren’t pulling problems into the new year.

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