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