October 4, 2022

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Are You Ready to Meet the Financial Requirements for Ending the Year?

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As soon as all of the party planning is over and the holiday celebrations are complete, it is time to make sure that your finances are in order as well. We often think about the financial requirements that are needed in time for the April 15 tax filing deadline, but there are some other details that are important to get ready by the end of the year. Consider some of these financial tasks that will help you be ready to turn the calendar to a new year and a new decade:

  • Record all business transactions and properly categorize them into the accounting system that you use.
  • Reconcile all credit and bank accounts for the business.
  • Review sales and income records, tracking the date, amount paid, as well as the individual or business you make the payment to.
  • Clear up as many outstanding receivable sea payables as possible.
  • If applicable, count inventory on hand.
  • Update employee information as necessary to support the future distribution of W-2s.
  • Gather W-9 data for contractors who will require a 1099
  • Create an annual budget, and set goals for the coming year.
  • Whether you own a pipe fittings company or you are a business that focuses on support plumbing systems, it is important to know that it is always important to make sure that the end of the year finances are in order. Knowing the standard dimensions for all of the basic plumbing fixtures is important, but if you do not understand the finances behind running a business you may find yourself in a difficult situation.

    Pipe Fittings and Other Kinds of Flange Distributors Offer an Important Part of Many Kinds of Industries

    From a company that offers carbon steel pipe fittings to the businesses that offer a number of plumbing services, it is important to realize that there are many aspects to running a business.

    Weld fittings offer a number of different options, for instance, when it comes to running a business that helps both home owners and company owners the help that they need to make sure that there are contributing to the economy. Consider some of these facts and figures about the many ways when pipe fittings and other industries contribute to the economy of the nation:

    • Steel pipe flanges are available in a number pressure and style classes. Metal flanges, in comparison, are classified from 150 to 2500 number of ratings.
    • America has more than 1,382,569 million miles of pipeline delivering trillions of cubic feet of natural gas and hundreds of billions of tons of liquid petroleum products every single year.
    • Pipeline corrosion alone costs the economy in America more than $9 billion every year.
    • Resulting in a factor of six longer fatigue life, forged parts have a 37% higher fatigue strength.
    • The direct cost of corrosion in the U.S. was $276 billion each year, or approximately 3% of the nation’s gross domestic product (GDP), according to a study released by the U.S. Federal Highway Administration in 2002.
    • The first oil pipeline in America is believed to have been built in Pennsylvania in the year 1862.
    • Today, along the Gulf Coast, there are more than 100 major projects that will require flanges, piping, and various pipe fittings in the next five years.
    • Although the technology has changed significantly in the past, the first hydrocarbon pipelines in recorded history were in China in 500 BC and were simply made of bamboo.
    • When natural gas is first transported through transmission lines it can be passed through at pressures up to 1500 pounds per square inch (psi). By the time it reaches a household piping system, pressure has been reduced to under 0.25 psi, which is less than the pressure created by a child using a straw to blow bubbles into milk.

    From pumping stations to filter separation providers to heat exchangers used in a number of different industries, there are many times when running a business also requires careful attention to the most specific kinds of details, including financial records.

    The end of the year requires a lot of work. If you own a business it is important to make sure that you have all of your financial records in order and that you have your books ready when it comes time to file end of the year taxes.