Get your Business Ready for Fall and Winter

Temperatures aren’t dropping, at least here in North Carolina, but it is time for small business owners and entrepreneurs to turn their thoughts to year-end prep.

For those of you who filed an extension on taxes, those are due shortly. If you paid a lot, this is a good time to meet with your CPA to find some ways to reduce the taxes. There is still time for tax planning.

While you’re at the books, take a look at your budget. Are you on track with your plan? Are there any surprises? This is the time to adjust to make sure your revenues and expenses are in line with the forecast.

Do you have all the information you need to file 1099s and W2s? Or are you going to scramble to get addresses and social security numbers in December when everyone is travelling or focused on the year-end holidays.

Have you kept up with your client’s changes of address or phone number or email? Get those holiday card lists in good shape.

Now that your clients are back at work, too, it is a good time to address your accounts receivable. Here are some tips on collecting.

Check your business on the Secretary of State website. Are your registered address and registered agent correct? Click on “View Filings.” Have all your annual reports been filed? You can still file them online so long as you are only late, but not administratively dissolved.