Subscribe Form Popup

Why Sign Up for Our Monthly Newsletter?

That's easy. You'll get action-worthy business tips aimed at owners like you. Plus it's a quick read.

5 End-of-Year Financial Tasks for Small Businesses

Posted Nov 7, 2017

2017 is coming to a fast close. As your fiscal year ends, here are five financial tasks you need to move to the top of your ‘to do’ list.

Look at your P&L statements

Review your expenses versus your profit. You can run reports like this via your accounting software or talk to your accountant for assistance. If reading financial reports just isn’t your thing, here’s a great article from Entrepreneur to help you break it down.

See where you can cut expenses. If you’re paying someone to do the landscaping at your storefront and you realize you can do it yourself, then do it. Look at how your bills fall in each month. Can you move a credit card payment or a vendor payment to the 1st rather than the 15th to aid in cash flow?

These reports are something you should review monthly or at least quarterly, if you aren’t doing so already.

Review your inventory

What was the best-selling item on your menu or in your store this year? Did you ever run out? How can you plan for this in the coming year? Does anything need to be removed from your product list or menu? After all, if no one is ordering that kale parmesan sandwich, maybe now is the time to drop it. Going through each item you sell might seem tedious, but it’s important for both budgeting purposes and connecting with the customer.

In fact, here at Simpay, inventory analysis, management, and automated ordering are all part of our POS Systems. You can find more POS details right here.

Check for unpaid invoices and get those accounts reconciled

Who hasn’t paid you? And in turn, who haven’t YOU paid? Get your books in order. Here are a few articles we found to help you reconcile both accounts payable and accounts receivable.

Get documentation together for filing your taxes

If you’re a newly formed entity, make sure you are filing the proper paperwork. Your tax accountant can go over this information with you. Do you need to send 1099 forms to contractors? Did you pay your quarterly taxes all year or will you owe now? Can you write off that new dishwasher?

The IRS website is jam packed with resources for small businesses and self-employed individuals. Review the site for help with business tax credits, deducting expenses, employment taxes, filing requirements, even tax deadlines.

Create next year’s budget

Get into that Excel sheet and start populating all the numbers you can with the current knowledge and data you have and work from it. There are also a variety of templates out there to help you organize this data.

Try using an app like Smartsheet, which gives you forms to help aggregate data, allows you to collaborate with your entire team, automate parts of your business, integrate with other business products like Dropbox and Google and so much more.

Stop feeling blue and seeing red about all the stuff you need to do before the New Year. We know it can be overwhelming. Do one thing at a time and pretty soon, all you’ll be seeing is green.