The end of the year is approaching – prepare your business now!
As the New Year approaches, it’s a good idea to make an early start on tidying and preparing your small business’s account information. A little bit of prep work now will make tax filing easier, as well as providing you with reliable information about how well your business has done over the recent year.
Small business owners, check out this checklist to prepare your business for the upcoming season:
Take this time to assess where your business stands financially. Use your accounting software or previous records to generate a complete financial report, stating profit and losses. If your profit is looking larger than expected, always talk with your accountant first to make sure that you have the cash on hand to make larger purchases.
Verify Vendor Details
Take a look at all of your vendors in your system, and verify that the contact information, including the phone number, email address, and contact name are still correct. Also, get rid of any inactive vendors or inaccurate information. While you’re at it, ensure that they receive their final check of 2016 before the New Year. It’s best to start the New Year without payments hanging over your head.
Double-Check Payroll and Benefits Information
Before the year ends, it’s best to stay on top of any issues or corrections that need to be made to your payroll. Ensure that the company car is accounted for, and other benefits, such as educational reimbursement, health and life insurance, and transportation subsidies.