Inventory, Record Keeping, Accounting Software, Programs for Small Business Types/Sizes
The busiest time of the year is well underway for many small companies. For those who close their company records at the end of the year, the added pressure can feel strong enough to turn coal into diamonds. While you may not be a diamond you can shine like one if you are well prepared.
Creating a thorough checklist is a good way to prepare for year end. Prioritize the checklist with time sensitive issues taking priority.
Here are a few things to consider when preparing for year end:
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Get your financial records in order.
If you plan to close the books at the end of the year, your bookkeeping should be current. If you have a bookkeeper or use one of the many software programs available be sure to reconcile your bank account.
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Taxes and tax liability review.
Spend time with your accountant to discuss possible tax incentives available. Review liabilities and year-end savings options. Most accountants require an income statement, cash flow, balance sheet, cost of goods sold/received, and account balance for filing taxes. If you are doing your own taxes, consider hiring a professional accountant. From experience, using an independent accountant not only paid for itself it saved me time and the headache of navigating tax codes and laws.
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Conduct an inventory audit.
Inventory management is key to a successful business. Holding a large amount of inventory is generally not good for companies, especially if ongoing production costs and storage fees are not offset by steady sales. While inventory is considered an asset, it may become a liability if held for too long and in some cases may be taxed (consult a professional tax advisor).
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Company review of past accomplishments and future goals.
At the end of the year, it is commonplace for the media to review top events that happened throughout the year. When setting goals, a company review is a good way to plan for success. Discover if you need personnel, equipment, or additional financing and set goals for meeting your demands.
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Update licenses and fees.
Take time to review licenses and renewal fees for the upcoming year. This will help with compliance issues and keep you from paying unnecessary late fees. Also evaluate any changes in laws that may have an impact on company policies.
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Review business trends.
The old saying to stay sharp you must keep sharpening the saw remains an important key to long term success. Do your homework and keep up with the times. Becoming irrelevant or obsolete can be detrimental. Remember to look at what your competitors are doing and discover if they have an edge that might be useful to adopt.
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Update your technology and social media outreach.
Are your computers old? Is your website current? Are you taking advantage of the latest social media outreach sources? If you are a business owner who has little time to spend on social media, you are missing out. Nearly every day a new product hits the market with fresh innovative ways to source customers and make new contacts. If you have the budget for a media maven to monitor and market your company, great! If you want to do it yourself there is help available with apps and contract services.
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Do you have a company handbook?
The end of the year is a good time to get legal advice and update company policies. While you are at it, check liability insurance coverage.
Do your research and get the help you need for the company year-end with available software and apps. To get started with your list check out THIS SITE – It’s an organization app that keeps you focused on goals and prioritizing important things first.
Check out Quick Books for bookkeeping, taxes and creating records your accountant will need. QuickBooks online community is a good resource for education and information. They can also tie into your banking needs for reconciliations, accounts payable and accounts receivable.
Mint is a money organizer and money saver app that links to your bank account to help you reduce debts and pay bills. Check it out at Budget Tracker & Planner | Free Online Money Management | Mint (intuit.com)
There are apps that will post products and updates on social media sites for you, apps for home fitness, even apps to help you quit smoking. Today’s technology is there to make life easier and enhance your business.
For additional information on preparing for year-end for small businesses, please contact us at the Trinity Valley Small Business Development Center – SBDC – TVCC – Serving Henderson, Anderson, Van Zandt, Rains, and Kaufman Counties.
Trinity Valley SBDC is a partnership program with the U.S. Small Business Administration, the State of Texas, and Trinity Valley Community College. Advising services are offered by Trinity Valley SBDC without regard to race, color, age, national origin, religion, sex, or disability. Special provisions will be made for limited English-speaking individuals and those with disabilities. Those interested may contact us at 903-675-7403.
The North Texas Small Business Development Center Network is funded in part through a Cooperative Agreement with the U.S. Small Business Administration and Dallas College. The North Texas SBDC is an Accredited Member of the Association of Small Business Development Centers. SBDCs are supported by the U.S. Small Business Administration and extended to the public on a non-discriminatory basis. The SBA cannot endorse any products, opinions or services of any external parties or services. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Language assistance services are available for limited English proficient individuals.
All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the U.S. Small Business Administration or other funding partners.