At this time of the year, I regularly ask myself if I’ve done enough to prepare my business for the New Year. Having a To Do list can come in very handy: (1) Write down a list of your company’s major accomplishments for 2016, and be prepared to share them with your staff. (2) Write out your plans and goals for next year. (3) Create realistic budgets for 2017 if you work on a calendar year fiscal basis. (4) Look at your Income Statement. Where do you come out? If you have a sizable profit, can you make major purchases that can be depreciated? Do you have the cash available to do this? Talk to your accountant if you are not clear on depreciation rules. (5) Review your loans and clean them up if need be. (6) See that your 1099 information is set up correctly in your accounting software. If you don’t have the proper information from your vendors, ask for it now. You’ll be able to use it every year. (7) If you have employees or third party support, think about year-end bonuses or special gifts. (8) Look for fringe benefits you should report on W2s. Some examples are health and life insurance, employee loans you’ve forgiven, school reimbursement programs, and transportation subsidies. (9) Complete a physical inventory of your products and make adjustments in your accounting software. (10) Check all links on your website to make sure they are active.*
* From Debbie Gilster in “Financial Management”, “Time Management”, centerforproductivity.com, 2005.