Business Accounting Plans-New Year
It’s the last month of the year, at this time you may be running in a million directions in your business. For some of us this month is our busiest, for others it’s where business tends to slow down significantly and yet others are already in planning mode for the new year. In whatever situation you find yourself in your business, as this year comes to close, it is the best time to assess where you are at financially in your business.
As a business owner, it’s important to understand your business books and with that knowledge you are able to plan for the year to come. You should run yearly statements to be able to understand the financial story of your business. Assess areas that did well and areas that need improvement. With the new year also comes the filings that are required of all business owners such as payroll filings, 1099 completions and of course, tax filings.
The new year can be a stressful time for business owners especially small business owners. This is the time to put actions in place to make this time easier. If you have a box of receipts for your business then put a new financial system in place. If you have not completed bank reconciliations all year, create a plan to utilize the services of a bookkeeper. If you feel that your business did great for revenue but feel loss as to how to decrease costs or increase cash flow, develop a strategy with an accountant to plan your business growth. Whatever stage you are in your business, take the time, ignoring the finances is not a plan.
Lastly, take the time to enjoy this time of the year. I hope you have a chance to step away and spend time with those you love this holiday season.
From my home to yours, wishing you peace and love this holiday season and into the new year!