FACTORING BLOG

Are you prepared for the end of the year?

As another year of business is coming to an end, now is an excellent time to get started on tying up any loose ends from the past year. Here are a few tips to get you started, but you should always consult your attorney or accounting expert to determine what is best for your business.  

Review Financial Reports 

Now is an excellent time to review and catch up on all your bookkeeping for the year. Pay up all your vendors. Make sure all receivables have been satisfied. Review financial reporting such as profit and loss and cash flow statements. Determine if you met your financial goals for the year and use the information to help set goals for the next. Reach out to your Relationship Manager at Scale Funding for assistance with reporting that may help reconcile your books.   

Speak with an Accountant or Tax professional.

Tax laws are constantly changing for small businesses, and there could be tax credits you are entitled to that you’re not aware of. Speak with your accountant or tax professional when preparing your return to ensure you are getting the benefit of all applicable deductions.  

Review Staffing Needs

Your employees help make your business successful. Now is the time to review employees and their compensation for the past year. Make sure to complete any employee reviews. Do any deserve a pay increase? Do some need to be let go? Do you need to hire more? Reviewing this information now will help you while you’re setting your goals and budget for the upcoming year.

Other Items to Consider: 

  • Clean up and review your Vendor List- Review all vendors’ information you have and make sure it’s updated with current addresses and contacts. Remove any old vendors from your records. Review vendors’ fees and the date your agreement ends. It may be time to negotiate new terms or find a new vendor. 
  • Revisit your Pricing: Are you adequately compensated for your time, supplies, and services? Review your rate with customers and ensure you are paid for your hard work. 
  • Review your Digital Presence: Do you have a presence? Is your company easy to find? Review your website and any social media platforms where your company has an account. Make sure all reflect current contact information and services the company provides.   

RESOURCE CENTER

Learn More About Business

Bank Turn-Downs

May 23, 2024

Accounts Receivable Factoring Solutions for Cash-Flow Problems

Scale Bank Acquires Provident Commercial Finance

April 8, 2024

Continued Growth in the Factoring Market

Factor Smarter.

March 25, 2024

Factoring is a very competitive industry, with numerous companies proclaiming they’re the “best.” In reality, though, many factoring companies come…