Year-end is often a busy time of year for many business owners. Not only are you working to get your financials in order, you’re also evaluating the numbers, measuring success and exploring opportunities to grow your business. It can be overwhelming, to say the least.
Year-end is about so much more than just your financial statements. By taking a more proactive and strategic approach to year-end, you can simplify the process and maximize financial efficiency. Here are a few key considerations (and helpful resources) to help you get started.
1. Tax Planning & Compliance:
When it comes to planning and compliance, ask yourself these questions:
If you can answer yes to any of these questions, the next questions to ask yourself are:
Technology is innovating faster than ever, but many organizations’ systems are stuck in the past, creating challenges and slowing growth.
Cybersecurity is a critical component to successful year-end planning.
4. Data Analytics:
Taking a strategic approach to year-end planning can help you simplify the process. When considering data analytics, ask yourself:
5. Human Resources:
Take a look at your human resources practices.
6. Wealth Planning:
Some questions to ask about wealth planning:
7. Retirement Plans:
There are many things to consider depending on the size and anticipated growth of your business.
8. Outsourcing Needs:
Here are some things to consider when it comes to the financial and accounting portion of your business.
9. Exit Planning:
We encourage business owners to consider options at least five years before they intend to sell, if not 10. The more time you have to adequately plan for a sale, the better price you likely will get.
Ask yourself these questions about fraud:
As you can see, there are many things to consider at year-end. Not only do you have a massive amount of paperwork in your 1099s and W-2s, you must consider tax planning and compliance and the overall health of your business. Stepping back to review common practices and asking the right questions can help you simplify the year-end planning process and make strategic decisions to position your organization for growth in the coming year.
Let us help you simplify year-end and maximize financial efficiency.
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