We originally posted this story in December of 2017, but the information is still relevant today. With 2019 right around the corner it’s once again time to make sure your business is ready for the new year.
This year is coming to a close. There are just a few short weeks left and we will be saying hello to 2018. Before you have your Christmas dinner or break out the champagne for New Year’s Eve, there are a few housekeeping details you have to attend to no matter the size of your business.
- Check Out Your Books.
This is the perfect time to look at your profit and loss statements. They will give you a clear picture of how your business is doing. It will also give you an opportunity to decide if you need to make changes in your budget or if you have the funds available for major expenses.
- Is Your Paperwork in Order?
It’s important to always make sure your paperwork is in order, especially if you deal with vendors or contractors. If you have employees make sure their W-2’s are current and correct. You don’t want to spend the entire month of January inputting data in you accounting software for tax season, so make sure you do this now.
- Take Stock.
It doesn’t matter if you sell products or services, you have to know what you have available to purchase. If you do sell products you may need to adjust what you order due to the holiday season. A clear view of your products will let you know how much capital you have invested in your inventory.
The other thing you need to pay attention to is how much you have on hand for office supplies. This is sometimes an overlooked item and can be a source of financial drain on your bottom line. Do you have any broken or out dated equipment that needs to be thrown out? If you lease any equipment, is the contract due to be evaluated? Do you have any automatic shipments that can be scaled back or cancelled all together?
- Setting Yourself Up For Next Year.
Now that you have assessed your business, it is time to create a proper budget for the following year. It’s never too late or too early to plan for the financial future of your business.
Even if your fiscal year doesn’t coincide with the calendar year, it is still good practice to look at these four things before the year draws to a close. Developing these habits will set your business up for a prosperous new year.