Make Those Business Checklists Now
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Make Those Business Checklists Now

Make Those Business Checklists Now

We are cruising toward the end of the year. Many of us are planning and preparing for the holidays. How do you prepare? Do you make lists? Guest lists, gift lists, grocery lists — the list goes on and on. 

Or do you just wing it? Do you assume you have the right ingredients for Grandma’s favorite recipe? Do you hope you have enough food for everyone? By the way, who is coming? How long are they staying? Wait, maybe you’re not hosting, who is? Whose house are you going to? Do you know how to get there? Before you run headfirst into turkey and trees, you have to make some type of plans.

The same can be said for heading into the end of year for your business. What plans have you made to prepare for the end of the year? Many business owners don’t realize how important it is this time of year to review and prepare. Now is the time to look at your books and understand what they say. What does your profit and loss look like? Have you made money this year? How much? What does your balance sheet show? Do you have assets you can depreciate? How much will you have to pay in taxes? Is there a good way to mitigate some of those taxes? Can you reinvest some of those earnings to benefit yourself or your business instead of paying a lot of money in taxes? 

Now is the time to act. There are still a few weeks left in this year to meet with your financial team of professionals and review where you are. You can make those end-of-year lists. What does your business need? Do you need any new equipment, office machines or furniture? Do you need to stock up on supplies? What about bonuses for trusted staff members or yourself? Have you fully funded your retirement accounts?

Conversely, what are the questions you should ask if your profit and loss is showing a negative? What is your plan to try to finish the year strong and potentially turn that negative around? What expenses do you have that you can avoid or defer until next year? How will that negatively affect your business and personal financial picture?

The year is not over. You have time to make those lists for end-of-year planning. We encourage all our clients to meet with their tax professionals and financial planners each fall to make those planning lists. Don’t wait until the year is over. By then, it is too late to make a plan or any desired changes. Let your hard-earned money work for you and your family in attaining those long-term goals.

 

Sharon Dubois is NACB certified bookkeeper and co-owner of United States Bookkeeping Co. As a QuickBooks ProAdvisor, she works with entrepreneurs in a variety of businesses teaching them how to read and understand their company’s financial reports and how they relate to day-to-day operation of their business. In her spare time, Sharon is busy with the Marine Corps League and the American Legion Auxiliary.

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