December is typically the busiest time of the year for most people. It’s the month when we find ourselves juggling holiday celebrations, family visits, and travel plans on top of our usual daily tasks. But as a business owner, you have a lot more things to take care of as the end of the year rolls in.
After all, you need to smooth out the transactions of the current year and make sure you’re ready for the next. To help make sure you don’t miss anything important, here are some last-minute tips for your end-of-year business preparations:
- Organize Your RecordsFirst things first, you need to go over your business records to make sure they are all in order. These include reviewing everything from your inventory records to your financial reports. Double check the information on these records and update them when necessary.
- Review Your Financial ReportsIt’s also a good idea to run a complete financial report to determine your company’s current financial standing. This report usually consists of a cash flow statement, a balance sheet, and a profit and loss statement.Sit down with your accountant and review these documents and compare the numbers with those from the previous years. Doing this will help you determine where your business stands financially and what your outlook is like for the following year.
- Check Your Pending InvoicesGo over your list of unpaid invoices and note when they are due. Make the necessary follow-ups so you can get a clear picture of when you’ll get paid and prepare your cash flow accordingly.It’s also a good idea to offer discounts to clients if they pay their invoice in full before Christmas or New Year. This will help you ensure that money will come in even if your business slows down during the holiday break.If you’re left with several overdue invoices, consider hiring debt recovery specialists to help you collect payments right away. This way, you can start the new year with a clean slate.
- Review Payroll and Other Employee BenefitsThis is another important thing you need to do before the year ends and before you go on your holiday break. Take time to recheck your payroll and see if there are any corrections or updates that you need to make. Also, make sure that all taxable fringe benefits and other employee subsidies are accounted for.
- Make Plans for Next YearCreate a list of goals that you want your company to achieve for the coming year and outline the steps you need to take to achieve them. Once you have that in order, you can move on to drafting a corporate budget for next year.Planning ahead of time makes it easier for you to jump right back into work once the holiday break is over. It will also help prepare you to face the challenges that the new year might bring.
Following these tips will not only help you close 2017 on a high note, but also allow you to welcome 2018 with your best foot forward.
Liam White joined the Slater Byrne Recoveries team in early 2013. He has worked across the credit & dispute resolution industry for a number of years. He is currently working in a Marketing/Head of Sales capacity at Slater Byrne Recoveries.