As we see the Christmas decorations going up in the stores and we begin to hear Christmas music everywhere, we realize that both Christmas and the New Year are just a few weeks away. Yikes! Where has the year gone?!
Although we are all busy with everyday work tasks as well as getting ready for the holidays, we should also be thinking about our business year end if, in fact, your year end is December 31st. Taking a little time now to prepare can save a lot of headache and frustration in January. In fact, it might even allow you to enjoy your time off during the holidays a little bit more, by relieving some of the stress that builds up just thinking about year end.
Take a little time in the next few weeks to check over your financial statements. If you notice that one account seems over-budget or under-budget, take a look at what has been charged to that account. It may simply be that an invoice was charged to the wrong account and can be easily changed. You may discover a credit somewhere that you can take advantage of, or an outstanding account that you can collect before the end of the year. You should also check to ensure that your records are all filed in an organized manner. And of course, that your bank account has been reconciled to your records.
Taking a little time now to correct any previously undetected errors and getting everything in order will relieve stress. Then, when the time comes to switch your system over to a new year or for your auditors to come in, you will already be prepared and able to continue on with your normal business activities.
Do you have any tips for other business owners preparing for year end ? Please share them with us!