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.
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.
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.
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.