by Siobhan Harrop-Scott, CPB, CB, RPB
Harrop Scott and Associates Ltd. | harropscott.com
As the year comes to an end, business owners find themselves in a crucial phase of financial planning and preparation. To make sure your business can smoothly transition into the next fiscal year and achieve success, it’s crucial to be proactive.
I got in touch with Siobhan Harrop-Scott, who serves as the Principal of Harrop Scott and Associates Ltd, to provide guidance on the 10 essential tasks that business owners should complete by year-end. This list covers a wide range of actions, from getting your financial records in order to reviewing budgets and seeking professional advice.
These steps will not only help you finish the year with a strong financial foundation but also set the stage for a successful future for your business.
Top 10 Tasks Business Owners Should Complete by Year-End
- Organize Your Financial Records:
Gather all your financial documents, receipts, and statements. Think of it as a spring cleaning for your finances! - Review Your Budget:
Examine your budget for the upcoming fiscal year to ensure it aligns with your business goals and projections. - Collect on Past-Due Accounts Receivable:
Carefully review outstanding invoices and follow up with customers who owe you money to ensure prompt payments. You’ll appreciate having more money in the bank! - Employee Reviews:
Evaluate your team’s performance, discuss goals and expectations for the next year, and determine bonuses for the current year. - Plan for Capital Investments:
Identify necessary investments in computers, vehicles, equipment, or technology upgrades. Keep an eye out for Cyber Monday and Boxing Day sales, and budget for these investments strategically. - Inventory Checkup:
Assess your inventory levels and consider selling slow-moving items or restocking popular ones. - Debt Management:
Review your outstanding credit cards, loans, mortgages, and lines of credit. Develop a plan to pay off high-interest loans or renegotiate terms if possible. - Tax Preparation Time:
Get a head start on tax preparations by reconciling your accounts, gathering tax documents, and consulting with a tax professional for potential deductions. - Health Check for Contracts:
Review your contracts with suppliers, clients, and partners to ensure they are up-to-date and beneficial for your business. - Seek Professional Financial Guidance:
Ensure you have a reliable and experienced bookkeeper and/or accountant in place. They can help you get your finances on track, file your returns, and navigate complex financial matters.
Don’t wait until the last minute! Prepare your business for a prosperous future by taking action now. Follow these 10 essential tasks provided by Siobhan Harrop-Scott, Principal of Harrop Scott and Associates Ltd., to ensure a strong financial foundation and a successful transition into the next fiscal year.
By completing these tasks, you’ll set your business up for success in the coming year. Don’t miss out on the opportunity to boost your financial stability and thrive. Get started now!
