Your Small Business Year End Checklist
Soon the ball will drop and we’ll be ringing in 2020, another year of opportunities, goals, and challenges. Before we celebrate this blank slate of possibility, let’s wrap up this past year nicely, typing up any loose ends. Some things to review when looking back on the past year:
Review Your Goals
Pull out your goals from the beginning of the year and review one-by-one. This includes both financial and otherwise. What steps have you made toward them? Have any been accomplished? Now look at the future year ahead of us. What would you like to rollover and continue? What are some new dreams?
Run Year-End Reports
Run reports on your balance sheet, profit and loss statement, and cash flow report. These are the essential reports for your business, and they should be treated as such. These financial reports will show you where your business stands, and what it’s capable of.
Update Any Information
This includes payroll, employee, and vendor information. This is a great time to make sure all the information you have on all your contacts is correct. It’s important to add any new relationships made and that their information is accurate.
If you operate on a calendar year basis, it’s important to conduct a physical inventory. It’s also important for tax purposes. From the inventory, you can determine what you need or don’t, or what sells well and what doesn’t.
Back Up Devices
Your computers, your cell phones, everything. The end of the year is no better time. This will ensure everything is up-to-date when you ring in the New Year.
Do you need an extra hand with your workload? Look at your work needs in addition to your finances to see what you can afford to do. It may be time to onboard a new employee.
Record Your Accomplishments
What are some of the greatest successes of your business in 2019? Log them. Save them. Look back on them to see how far you’ve come and how far you can go. Record both big and little. Each battle increases morale that much more!
Your Payroll Solution
Were there any errors made in the past year? Are you unsatisfied for whatever reason? Skynar Bookkeeping will set you up for free if you start a new subscription in January. Contact us today!