In the midst of the hustle and bustle of the holidays, it would be advantageous to find some time to plan for the success of your small business in the coming year. A financial checklist can help give guidance in what can be an overwhelming process. There are a few tips you can follow.
A short financial checklist can help prepare you to succeed in the coming year:
(1) Prepare for year-end tax reporting
Schedule to meet with your accountant to review the profits and expenses and to ensure that you are fully aware of tax filing deadlines.
(2) Review expenses
Make sure that you have categorized expenses correctly and that. Many expenses are tax deductible and an efficient expense tracking process could save you money.
(3) Analzye cash flow
Make sure your plan details how to maintain a steady cash flow such as including cost reductions or implementing new sources of income.
(4) Meet with your banker or financial advisor
Meeting with a banker or financial advisor is a good way to determine what you want or need to do in order to improve business profits.
(5) Develop an action plan for your 2015 finances
Creating a defined business plan will help to keep you in track in the coming year. Document your progress made throughout 2014 and then make adjustments based on those findings to set yourself up to reach your goals in 2015.
Dedicating time to establishing a detailed financial plan is important for all small business owners.