Having accurate records is so critical, especially if your vision is to grow and expand your business. You need to know where you are at any given moment in order to make informed calculated decisions. The way to be in this position with your financial records is to stay on top of it throughout the day, week, monthly, and year.
If you haven’t already read my blogs on daily, weekly, monthly, and quarterly tasks, make sure you do. The information could have a huge impact on your success this year!
- Print & Review Annual Reports
These are the same reports you have been printing out every month, except with the date range for the year. Use the last day of the year for your Balance Sheet, and January 1 through December 31 for your Profit and Loss.
This will give you your snapshot at the end of the year and your profit details for the entire year. These reports will be very helpful when you are having your taxes prepared and also helpful to you as you make plans for the new year.
- Follow Checklist for Preparing For Taxes
If your accountant doesn’t have their own checklist for you to follow, use the simple checklist I have available to you, found at the bottom of this post. There are a lot of items and information that need to be gathered and a checklist will help guide you through that process.
- Compare Annual Goals to Actual
Like you did for your quarterly goals, compare your yearly actual activity to the goals you set for your year. Consider what changes or challenges you need for the year ahead of you.
- Set New Year’s Goals
You’ve compared your goals for the past year to how your business performed. What changes need to be made? Are there any challenges you came up with that you would like to tackle. Write out your goals for the coming year and keep them visible to see throughout the year.
- Reassess Your Salary, Tax Savings & Expenses
While you are in the mode of reflection and projection, take some time to consider if you need to make any adjustments to your salary, tax savings and expenses. Your reports and goal comparisons will come in handy as you make these decisions for the coming year.
If you find that your business is growing and you have less time to keep up on all of these things throughout the year, consider getting some help with your bookkeeping. It could be just the right time for you, freeing up more time for doing more in your area of expertise. Request a FREE Consultation to find out!