Has your business started planning for year end?
Now is the perfect time for small businesses with a December 31st year end to begin business planning for 2019! You’re already focused on getting your books in order to prepare for taxes so why not do some analysis and make decisions to ensure that your business prospers in the New Year. It’s time to give your business its annual checkup and to begin to plan for the coming year. Businesses that fail to plan, plan to fail.
Here’s a checklist for you to consider:
– 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 benefits 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 2018
– Review your current tax position and strategies
– Prepare a monthly budget and cash flow projection to plan for the coming year
– Set goals for 2019
– Get your tax documents prepared
– Plan ways to demonstrate both customer and employee appreciation
Seek professional help 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.