10 Weeks left in 2019 – Are You Prepared?

There are only 10 weeks remaining until Monday, December 31, 2019. Shocking, right?

There is still time to accomplish business and tax goals, but you need to start now with your attorney and CPA.

Preparation:

  • To know where you’re going in 2020, you need to know where you’ve been this year. Make sure your bookkeeping, expenses and billing are up to date. Run a cash flow statement and a balance sheet.

  • Talk to your accountant about anything you can do now to lower your tax bill or otherwise save money.

  • You can still set up a retirement savings account for yourself or your employees. (I know a guy….)

  • Make sure you have filed your annual report with the North Carolina Secretary of State and if required, held your annual meetings.

  • Review your HR/personnel files. Is payroll correct? Have you accounted for fringe benefits? Some requirements for exempt employees are changing. Do you need to adjust anything?

  • When was the last time you shopped for insurance? (I know another guy….)

  • If you haven’t gotten around to updating your website privacy policy or don’t have terms and conditions, now is a good time.

Strategy:

  • How did you actually do in 2019? What worked, what didn’t? What cost more than expected? What led to greater success?

  • Adjust the budget for next year based on the lessons this year taught.

  • Can you outsource routine tasks to a virtual assistant or bookkeeper? What about social media posting? A payroll company? (Guess what…)

  • Does your logo or website or printed materials need updating?

  • Do you have surplus funds to reinvest in the business? Where would that best be spent (computer upgrades, hiring additional people)?

Year-end planning is an important part of owning a successful business. You can’t put it off much longer.

Here’s to a profitable 2020!

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