Friday, December 4, 2015

End of Year Tips for Business Owners

As 2015 comes to a close, there are several items that businesses should look at before closing out their year.  Below are a few tips of general items that may benefit your business.

▪ Look at your Profit & Loss report. Where do you stand? If you have a larger than expected profit, are there any major purchases you should make now that can be depreciated? Make sure you have the cash. Talk to your accountant if you are not clear of the depreciation rules.

▪ Verify your 1099 information is setup properly in your accounting system. If you don’t have proper information from each vendor, ask for it now, then create a form to use every year. Need help making this happen in QuickBooks? Just ask us.

▪ Begin to think about year end bonuses or special gifts. Will you give these this year or in January? It depends when you write the check.

▪ Take a physical inventory of your products and make adjustments in your accounting system as necessary.

▪ Write a list of all the company’s major accomplishments for the year. Be prepared to share this with your team, they will appreciate it.

▪ Write out your goals and plans for the next year.

▪ Create budgets for the next year if you work on a calendar year fiscal basis.

▪ Check all of the links on your website to make sure they are active.

Bookkeeping, payroll and bill paying are vital roles when it comes to accurately planning out your year. urBook$ strives to ensure that your business records are up-to-date and accessible to you at all times throughout the year. If you do not have a current system in place for bookkeeping, payroll and bill paying for your business contact urBook$ today to become a client. Our team will transition your records utilizing our Smart Vault and take the burden of these tasks off your plate so you can focus on your passion - YOUR BUSINESS.