Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

Must-Do Things for Your Small Business Before This Year Ends

December 16, 2018

New Year’s resolutions are never a personal thing. Planning for that big change requires big actions to make. Therefore, realigning your vision for your business is a fresh start to map out your path to success.

So here are 4 things you need to consider to start the year right:

Start organizing your tax supporting Paperwork

Many taxpayers wait until the last minute to collect all the supporting documents to provide to their tax preparer or Enrolled Agent. By planning and organizing these supporting documents and providing to your tax preparer early, you will be on the path to a stress-free tax preparation and filing.

Review Your Documentation

Year-end business process can somehow become chaotic. As the new year approaches, it is best to organize files for easy access. You may want to explore cloud secured data storage system for easy access to information and cost efficiency.

Provide Feedback to Employees

Giving feedback to employees is important in gauging the overall performance of your business. It points out the areas for improvement and recognizing their hard work and contribution to the company during the year.

Set Goals for the Coming Year

Starting the year right involves setting a solid goal to focus on. Goal setting is not only limited to your sales target. It can be about providing better services, higher employee retention, and any other factors that will further grow your business. To start, evaluate the current state of your business and reflect on what contributed to your success during the year. Then identify the possible areas for improvement and gain powerful insights for decision making. The end of the year is the perfect time to set goals to jumpstart the new year and kickoff on the right track.

Failure to plan is planning to fail. The best time to start planning is now. Facing the new year with brand new strategies to overcome challenges and explore opportunities are ways to magnet business growth.

If you need assistance during this year-end season, as well as getting powerful financial insights, diligent tax compliance, and having healthy cash flow, contact us today at admin@fas-accountingsolutions.com or 832-437-0385.