Here is the 5th of our holiday gifts to you! Use these strategies to finish your year strong and get ready for a successful start to the new year.

Gold Nugget #5: Wrap-Up Your Financial Story for the Year!

It is essential to be an excellent money manager in order to have a sustainable and thriving business.

Part of that role is wrapping-up financial tasks that need to be done before the end of the year. This is an elementary activity that many business owners miss.

As I get ready to wrap-up our business year, I work through my annual checklist to make sure that nothing is missed. Its my way of putting together the financial story for the year.

12 days of Christmas
Here are some key financial actions I take to finish up our year, as an example for you to consider:

  1. Review the Profit and Loss details year-to-date, making sure all transactions are properly categorized.
  2. Update Planned Budget vs. Actuals report for the year and make next year budget adjustments, as required.
  3. Send final invoices, make final payments to vendors.
  4. Verify 1099 and W2 information is correct for upcoming annual processing.
  5. Prepare final Payroll and Tax Payments.
  6. Update “Financial Dashboard” for a complete year-end report.
  7. Reconcile Bank Accounts and verify final year-end statements are saved.
  8. Verify that files and receipts are in order for year-end close of books.
  9. Take financial actions needed in order to finish the year strong.

Take Action:

  • Create a checklist for your End-of-Year financial activities/actions
  • Consult with your Accountant on activities that you might add to your list
  • Complete or assign these needed actions this month

Make sure that you and your team do what it takes to get all your financial activities  “buttoned-up” before the year-end so you can enjoy the holidays.

To your success!

O’Leary Logan & Team Renaissance