With the hustle and bustle of the holiday season, the end of the year can seem overwhelmingly busy. If you own your own business, it can seem even busier as you close out your year. There are several items that need your attention before the start of the new year. Here is a list of year end items to complete to help ease the holiday season stress.
Reconcile all accounts and prepare documents for your bookkeeper or financial advisor
This will ensure all of your accounts are up to date and set you up to prepare your tax information. This will allow you to prepare any tax forms that need to be mailed before end of year deadlines.
Reconcile accounts receivable
Pay any outstanding invoices to have a clean start for the new accounting year. Pay your vendors and contractors in full to prepare for any tax requirements.
Assess where you stand financially
Complete all financial reports such as a profit and loss statement, balance sheet and cash flow statement. Review the reports to see what worked well for you and what needs improvement next year.
Review and back up all files and documents
Move files to long term or cloud storage to clear up hard drive and office space. Delete or shred any documentation that is no longer needed.
Verify employee, client and vendor contact information is still correct
While you are asking them to update their information, thank them for working with you!
Share your previous year’s accomplishments with employees and customers
Recognize outstanding performers and thank them for helping you.
Create a budget for the coming year
A yearly budget is an excellent tool to help you set and reach your goals. Take some time to create a good realistic budget before the year starts to that you can keep your spending and goals in track throughout the year.
Review previous year’s goals and make new ones
Use your financial statements and employee input to set some growth goals for your business to shoot for.