Business Posts

End-of-Year To-Do List for Small Business Owners

Don’t let the hustle and bustle of the holiday season cause you to forget about your business. Crossing these items off your to-do list before the end of the year will help you not only close out 2018 but also get off to a good start in 2019.

Accounting

  • Generate a complete financial report that includes a profit and loss report, balance sheet, and cash flow statement. If your profits are higher than expected, consider making some large purchases for which you can record depreciation. (Check with your accountant and review depreciation rules first.)
  • Reconcile accounts receivable. Review your list of unpaid invoices and payment owed for work already completed and try to collect on them by the end of the year.
  • Schedule a meeting with your accountant and/or tax preparer.

Administration

  • Evaluate last year’s goals and set new ones. Use the information to plan for the upcoming year, including financial goals, budgeting, and staffing, as well as updating your business plan.
  • Make a list of the year’s accomplishments (and don’t forget to share them with your employees!).
  • Conduct an inventory count and update your records if needed.

I.T.

  • Back up your data and contacts (and make sure your employees do the same).
  • Audit your website. Go through your site and click every link. It’s also a good idea to send yourself a message from the “contact us” form and call the 800 number to make sure it works.

Human Resources/Payroll

  • Decide if you’ll offer year-end or other bonuses to employees. Distributing them in December versus January has tax implications because it affects the profits you report.
  • Check payroll and verify benefits and 1099 information. Identify any issues or corrections that need to be made before the year’s end and look for fringe benefits you’ll need to report on your W-2s.

If 2019 is the year you want to start or grow your business, why not add “join NaperLaunch” to your to-do list? In addition to coworking space, mentoring, and access to the library’s business resources and technology, we also offer the NaperLaunch Academy. The January 2019 cohort is forming now!

Posted: 
Thursday, November 29, 2018 - 09:30

Financial Wellness Series

Managing financial wellness can be a challenging do-it-yourself endeavor for many Americans. However, no one must do it all alone! Naperville Public Library’s upcoming financial wellness events provide the opportunity to learn from a financial expert about Social Security and Tax Planning. Dates, times and locations are listed below. No registration or library card is required to attend these programs.

  • Financial Wellness: Tax Strategies
    Date and Time: Wednesday, November 7th, 6:30 – 8:30 pm
    Location: Nichols Library Community Room
    Presenter: Ray Kozicki from The Foundation for Financial Education
  • Financial Wellness: Advanced Social Security Planning
    Date and Time: Wednesday, November 14th, 6:30 – 8:30 pm
    Location: Nichols Library Community Room
    Presenter: Ray Kozicki from The Foundation for Financial Education

The Tax Strategies presentation will review activities that make it easier to maximize the benefits of recent tax law changes. Financial planner, Ray Kozicki, will also address creating tax-advantaged streams of income.

Attend the second session to learn about Social Security planning. Learn how to calculate potential benefits and what the impact of Cost-of-Living adjustments could be to those benefits.

Ray Kozicki volunteers his time with The Foundation for Financial Education to help increase communal and organizational financial literacy. Read more about Ray on the Foundation’s website. The Foundation for Financial Education is a national non-profit organization that provides free financial education to the public.

Posted: 
Monday, October 29, 2018 - 14:30

Update Your Skills with Lynda.com

Naperville Public Library provides access to many digital resources, but a key one to update and learn new skills is Lynda.com. Lynda.com is an online learning platform that contains thousands of streaming videos that can help anyone learn business software, technology and creative skills.

Access is free for Naperville Public Library cardholders and easy to use. Just log in with a library card number/username and PIN.

After signing in users can search for specific applications such as MS Excel, MS Word or browse through a broad collection of videos using the menu. Access the Business collections by going to Library > Business > and choose a topic.

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The available business skills courses include learning how to sell into specific industries, how to use a business coach and how to consult other businesses. There are over 500 courses in the Business Skills category alone!

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Lynda.com offers transcripts of all videos, downloading for offline access, and access via downloadable apps on all of the major platforms – check it out today!

Posted: 
Thursday, October 25, 2018 - 12:00