It’s that most wonderful (and stressful) time of the year! For many small business owners, the holidays coincide with the end of the financial year – and there simply aren’t enough hours in the day to tackle what needs to get done.
My advice? Prioritize the essentials. Use this End of Financial Year Checklist to accomplish the often overlooked “Must Dos”. And position your small business to start the New Year with a bang!
Be prepared to run your first 2020 payroll by making sure new tax rates, benefits, etc. are uploaded to your system. Considering changing payroll companies? The best time to make a switch is the first of the year.
Many contracts renew January 1. Make sure you allow time to review and, if necessary, renegotiate terms and conditions.
Holiday parties, office closures, bonuses and other year-end expenses can wreak havoc with cash flow. Run your projections to ensure you can meet your cash obligations.
Was 2019 a very good year? Meet with your CPA now to discuss ways you can reduce your taxable income before 2019 draws to a close.
Don’t forget to share your holiday hours with customers, clients, suppliers and vendors.
Think of meaningful ways to reward employees for their hard work this year. And never underestimate the power of a sincere “Thank You”.
Need help prioritizing your business to do list? Give me a call to learn more about my business coaching services.