Most of us would prefer not to think about the money stuff or any business financial to-dos during the holiday season. We’d rather spend the time planning our family get-togethers or going on vacations. It’s cozier to bake cookies instead of sitting in front of the computer poring over business stuff. But as small business owners, the end of the year is an important time in our financial planning for the next one to come.
As I have always said, managing your finances should be a year-round task. But, bear in mind that it’s even more critical in December. This is because there are some benefits that you can only take advantage of before the 31st. And by making sure that your records are organized and accurate, you will have a clearer view of what your business will look like financially in the coming year.
So, despite our busy holiday schedules, there are several things that we should be doing right now as we’re coming up on the new year to make sure that our businesses are financially prepared for next year.
Inside the video
Here are the business financial to-dos that I’ll be talking about in detail in the video:
- To-Do #1: Set up a Bank Account and an Accounting System
- To-Do #2: Revisit Your Entity Selection
- To-Do #3: Select and Hire a Tax Accountant
- To-Do #4: Prepare Your Tax Documents
- To-Do #5: Maximize Deductions, Reduce Income
- To-Do #6: Max Out Your Retirement Contributions
- To-Do #7: Plan For Next Year
Watch the video above to learn more about these last-minute business financial to-dos! By getting these simple tasks off your plate, you’ll have more time to focus on the things that matter this holiday season. Are you feeling confused about how to set your business targets for the coming year? Get some inspiration from this post about goal-setting for the new year.