5 Year-end To Do's For Your Small Business
You’ve made it! With only one month left of the decade, there seems to be a mile-long list of action items for business-owners to do. With the new year, think about doing these 5 key things before January.
Make sure your books are in order
In preparation for tax season, it’s important to start early and make sure all of your account receivables are accounted for and your payables are completed. If you haven’t budgeted enough time for this, companies like Infinity Bookkeepers offers catch-up services for just the occasion.
As you prepare your annual reports, it is crucial to benchmark over last year and any other relevant time periods. Make use of Google Analytics, Excel, and other tools to measure your business’s success in a variety of ways. Evaluate your specific KPI’s and set new goals for next year based off of performance trends!
Consider your current tax strategy and budget moving forward. Moving your company status in terms of filing may be able to save you from higher burdens in the next fiscal year. Also consider any large investment purchases you are planning on making- if you happen to have a surplus somewhere, December is the perfect time to record these expenses to lower your 2020 taxable income.
De-clutter and Organize Your Files
That’s right- you with the million random documents on your desktop- it’s time to clean it up. Weather its paper or digital, take time this year-end to go through and refresh your files. Get rid of outdated files, organize stray ones, and make sure your system is updated and set up for the next year. If you don’t have one already, establish a naming and flow structure for all of your shared files. This will guarantee easy access to all your information, including important invoices and financial statements.
Plan for Next Year
Now that you have benchmarked, organized, and prepared for the new year- it’s time to make some goals. A great tool is to sit down with the team (even if that is just you and yourself) and create an organizational SWOT. Get feedback about sales, marketing effectiveness, overall product performance, and ideas for the new year. Set some attainable goals that you can evaluate this time next year- and reach for the stars!
Attitude is key, and we here at Infinity Bookkeepers encourage all of you hardworking, dedicated entrepreneurs to go into the new year- and new DECADE- with the same passion that has carried you this far.
You’ve got this.