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.
Here are some key financial actions I take to finish up our year, as an example for you to consider:
- Review the Profit and Loss details year-to-date, making sure all transactions are properly categorized.
- Update Planned Budget vs. Actuals report for the year and make next year budget adjustments, as required.
- Send final invoices, make final payments to vendors.
- Verify 1099 and W2 information is correct for upcoming annual processing.
- Prepare final Payroll and Tax Payments.
- Update “Financial Dashboard” for a complete year-end report.
- Reconcile Bank Accounts and verify final year-end statements are saved.
- Verify that files and receipts are in order for year-end close of books.
- Take financial actions needed in order to finish the year strong.
- 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