It’s time to give your small business its annual checkup!
Wow, can you believe the end of the year is quickly approaching? Now is the perfect time for small businesses with a December 31st year end to begin business planning for 2015! You’re already dealing with closing the books so why not do some analysis and make some decisions to ensure that your business prospers in the coming year?
To help get your books in order and ready to send to your tax preparer here is a year-end bookkeeping checklist. It’s time to give your business its annual checkup!
- Finalize getting your financial books in order
- Make shareholder adjustments for items like personal mileage and health insurance before year end
- Perform an end-of-year benefit review paying special attention to health insurance and PTO usage
- Evaluate your progress on goals from last year
- Examine your financial reports and other key metrics
- Send a copy of your year-end projection to your tax CPA and request a tax planning meeting
- Collect W-9s from any vendors you’ve paid or will pay more than $600 in 2014
- Review your current tax position and strategies
- Prepare a monthly budget and cash flow projection to plan for the coming year
- Set goals for 2015
- Get your tax documents prepared
- Plan ways to demonstrate both customer and employee appreciation
Seek guidance from a professional who knows your specific business situation if you’ve never prepared a budget before or are in need of help preparing for year end.
For all the latest updates on everything financial for busy leaders, check out our website at:www.allinoneaccounting.com.