Скачать или смотреть 2024 Year-End Best Practices and How to Prepare for 2025

As the year comes to a close, it’s time to ensure your business is positioned for success. Join us for an insightful webinar on 2024 Year-End Best Practices and How to Prepare for 2025. We’ll cover key strategies for closing out the year smoothly, streamlining financial processes, and setting actionable goals for the year ahead.

Join us to:
Discover essential year-end accounting and tax preparation tips.
Learn strategies to optimize operations and financial reporting.
Gain insights on upcoming trends and regulatory updates for 2025.
Equip yourself with practical tools and a clear roadmap for the new year.
Whether you’re a business owner, financial professional, or team leader, this webinar is your guide to closing the books with confidence and starting 2025 on the right foot. Don’t miss it!

https://www.lightspeeddms.com/solutio...
https://www.theaccountingguys.com/

Recorded January 22, 2025
Transcript Summary:
Lightspeed welcomes attendees and introduces experts from The Accounting Guys: Brian Lucas, Sarah Ale, Brett Smith, and Mark Weaver. The session focuses on preparing dealerships for year-end and setting up success for 2025.

Key Topics & Takeaways
1. Year-End vs. Month-End
Year-end closing should closely mirror monthly best practices with a few additional items.

Aim for timely and accurate closings (ideally by the 5th–15th of the month).

Clean, consistent data enables forward-looking strategy and tax planning.

2. 2025 Tax Considerations
Election years typically see few immediate tax changes, but stay alert for new policies.

Watch for updates on pass-through entity tax rules and inflation-adjusted IRS limits.

New benefit: employer contributions can now go to Roth 401(k)s.

Ask your tax advisor about depreciation options for software like Lightspeed.

3. Depreciation & Fixed Assets
Consider accelerated depreciation for hardware/software if invoices support it.

Depreciation and cost segregation can offer significant tax advantages.

4. Balance Sheet & Reconciliation Best Practices
Use scheduled vs. non-scheduled accounts to catch errors early.

Collaborate across departments—accounting, parts, service, sales—for accurate month-end processes.

Ensure balance sheet accuracy; it underpins reliable income statements.

5. Vendor & AP Analysis
Use custom Excel reports and pivot tables for vendor spend analysis.

Evaluate vendors: keep, renegotiate, or eliminate based on value.

Ensure accurate 1099 setup (EIN, checkbox, product descriptions).

Use distribution methods in Lightspeed to streamline AP coding and department allocation.

6. Inventory Management
Clean up special orders, ROs, and deals before year-end counts.

Inventory aging reports help flag outdated or obsolete items.

Fixed assets like tools or vehicles shouldn’t remain in inventory—move them to asset accounts.

7. Obsolescence Adjustments
Most dealers treat parts older than 12–24 months as obsolete.

Write obsolete items down to a penny (or zero) to flag for disposal.

Consider creative disposal (e.g., $5 bins, “fill-a-box” promotions).

Don’t rely on obsolescence write-downs annually—it should taper with better inventory management.

8. Checklists & Departmental Efficiency
Each department should have daily/weekly/monthly checklists.

Use employee surveys to identify what’s working and what needs improvement.

Review responsibilities and align with company values and goals.

9. Departmental Financials
Use Excel distribution calculators to allocate expenses fairly across departments.

Departmental P&Ls help identify profitable vs. underperforming segments.

Avoid journal entries for revenue/COGS—use front-end Lightspeed tools to preserve report accuracy.

10. Looking Ahead to 2025
Prioritize planning and strategic tax conversations during the current year.

Budgets can be set by month within Lightspeed to track performance.

Empower reports (offered by The Accounting Guys) visualize financials, cash flow, and performance benchmarking across departments.

Tools & Resources Mentioned
Lightspeed Mobile App for physical inventory counts.
Empower Reports for deeper Lightspeed data analysis.
Distribution Calculator (Excel) for departmental expense planning.
Custom AP Analysis Tools and vendor templates.
Year-End Departmental Checklists for accountability and process standardization.