7 Year-End Tips

Wrap up the old and kick off the New Year with a Bang!

 

Yes, it’s that time of year…Fourth Quarter. You know what that means! Time for end of the year preparation! So what can you do to lessen the pain? Don’t ignore the situation. Instead, be proactive this year so that you can assess where your business is at for 2005 and then focus on moving your business forward for 2006.

 

Here are 7 great tips to help you get ready for year-end!

 

  1. Review your year-to-date financials. This will help you identify if there are any issues that need to be cleaned up. Financials provide valuable business information that should be a critical part of your decision-making. Clean these up so that you’ll have good information for internal and external use. Now’s the time. Clean up your financials now so you’ll be ready for tax time early!
  2. Now’s the time to incorporate that automated bookkeeping system, if you’ve been putting it off! Get it up and running now so you are ready to use it January 1! If you are using one, such as QuickBooks, take time to review the processes and see if there are any items needing to be addressed or processes added to help with efficiency. We all have software that we only halfway use…is your accounting system one of those? Take a few moments to assess how you can improve those systems to make it easier.
  3. Is there training for yourself or your staff that you’ve been wanting to do? Do it now…that way everyone’s ready to kick the New Year off to a Great Start! Training is an investment in your people that will bring you many great returns.
  4. Dust off that Business Plan and update it. Now is a good time to assess how things have been going for the year and where the business is headed for 2006. Don’t have a business plan? Perhaps now is the time to develop one!
  5. Do you have your Budget ready for 2006? Now is the time to do your budget.  Start with the focus of budgeting by looking at your anticipated revenues and expenses. Then you can expand the process to other aspects within your business also. Using an automated accounting system will help with this process. A budget is your road map, so get it in order so that everyone’s on the same path for success.
  6. Review your insurance policies. Things are always changing within your business and if you’ve not had an insurance review this year, then it’s time! You pay for it, make sure it is what you need…needs change over time and your insurance will too.
  7. Take time to show appreciation to everyone that helps your business succeed…employees, vendors, customers, friends and family. We are all running 90 mph, so make sure you take time to enjoy life and let others know how much you appreciate them!

 

Year-end doesn’t have to be stressful. Take a few moments to do some preliminary work and year-end will be less stressful. For those who wait until April to wrap up the prior year, I challenge you to be more proactive this year! It’s important to keep things up to date and have a process in place for ensuring that all areas of the business are considered as you move from one year into the next. These 7 tips will help you make year-end a pleasurable experience for yourself and those around you! It’s also a great way to kick off the New Year without any excess baggage!

 

Pam Newman, President of RPPC, Inc., Author of Out of the Red, and Host of Unlocking the Secrets of Your Small Business, provides Accounting and QuickBooks Consulting for businesses to help them keep money from slipping through their fingers. For more information, contact her at www.rppc.net or 816.304.4398.