Are you ready for the new year? While fall may still be in full swing, it’s never too early to start thinking about your year-end financial documents.
Year-end financial documents not only provide an overview of your finances from the previous year but can also help you plan for the coming year. Planning ahead will help alleviate the stress of making future financial decisions by giving you a baseline of your financial progress so you can make better and more informed decisions.
Keeping track of your financial progress allows you to see any trends that have developed over the past year and can provide insight into what your budget for the next year should be. Did you experience a significant increase or decrease in the cash flow and balances over the past year? Were there any unexpected expenses that popped up, or do you have plans that require financing in the coming year? These are all factors that help determine your financial progress and can help you focus on making the best decisions for you and your operation.
For our GreenStone members, this year we’ve made some exciting improvements that will help make the process of submitting your year-end financial documents even faster and more efficient. You will now be able to submit your balance sheet through our online customer portal, My Access. This will allow you to upload your balance sheet separately from other year-end financial documents. While your balance sheet can be submitted through the portal at any time, it is important your balance sheet includes the most up to date and accurate snapshot of your finances going into the new year and therefore may be best to wait as close to yearend as possible to ensure it captures all yearend income and purchases.
What can you do now to start preparing to submit your year-end financial documents? Follow this checklist of items to ensure stress-free financial documentation:
• If you do not already have a My Access account, scan the QR code to view the My Access enrollment guide and create your account.
• Navigate to My Access and familiarize yourself with the new My Financials feature. This is where you can access a digital balance sheet and provide updated information regarding your current assets, current liabilities, non-current assets, non-current liabilities, and debt schedule by navigating the 6 tabs.
• Start gathering and preparing necessary information for your year-end financial documents, such as your balance sheet, tax returns, cash flow statement, etc.
• Be on the lookout for your end of year financial packet that will be mailed around December 20th.
• Input your balance sheet information using the digital interface through the My Financials tool in My Access as close to the end of the calendar year as possible.
• Be sure to have all year-end financial documentation submitted by the deadline in January 2025.
Submitting your year-end financial documents in a timely manner provides you with the peace of mind you need to make informed decisions about your finances going into the new year. Should you have any questions regarding your My Access account, or how to submit your digital balance sheet, please contact your financial services officer for more information.
To view the fall 2024 issue of Partners magazine in its entirety, click here.
