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End of Year Checklist for Business Owners

The end of the year marks a time when small businesses need to take time to assess the previous year and prepare for the next one. Coming the same time as the holidays, it can seem overwhelming from a personal and business standpoint to imagine all that needs to be done. Knowing what you have to do is half the battle. Plan ahead by forming a checklist of tasks to get done by the end of the year.

Enjoy the Holidays While Taking Care of Business

Even in December, it’s not too late to get a checklist together which is specific to your company and industry.  Get a head start forming your checklist with these suggestions that fit most small businesses: 

  • Taxes & Reports – Want to know how to get your final bookkeeping together and save time with a virtual assistant? Read this. Get your year-end reports set up in whatever accounting software your company uses, and make appointments with your CPA to meet government requirements before the next spring deadlines. Set your company up for success. Why wait until January when your CPA’s schedule will have more competition? 
  • Contributions – You can use this window before December 31st to make final tax contributions, set up retirement programs or contributions, and give customers who owe you money incentives to pay by the end of the year. All of this puts your company in a good place for estimated tax payments in mid-January.
  • Plan for Next Year –  Hopefully your company has had many ideas on the back burner for your next year in marketing since before Thanksgiving. If not, December is still a good time to finalize those ideas, especially since you have a year’s worth of data to go on. Plan to use the week between Christmas and New Year’s Day to strategize the final details of your next year’s marketing plan so you hit the ground running in January.  Remember that the first few months have special opportunities for promotions such as Sports playoffs games and the Superbowl, and Valentine’s Day. Have a virtual assistant put reports and data together to help strategize as well as set up scheduled social media posts. This can save your staff lots of time as well as money without adding to their busy season workload.
  • Inventory – Even service industries benefit from doing a year-end inventory. Know what you have, what you need, and make sure you come up with a plan to order what you need for the next quarter of business. Try to use holiday sales and promotions to move old merchandise to create room and budget for the next load of merchandise for the next year. For service industries, be sure you have supplies on hand that are current and in good working order.
Posted on December 18th, 2019 by Client Advocate Team

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