Can you hear the clock ticking on 2016?
Chances are, you don’t need a reminder that the end of the year is rapidly approaching—but you might need a reminder about the important small business tasks to take care of before 2017. Here are five small business tasks to complete before year-end in order to help your businesses transition smoothly into the new year.
Find out which critical tasks you need to take care of before the new year (and how to check them off your list).
What are the short-term goals you have in mind for the upcoming year, and what is your long-term strategy? What went well in 2016, and what can be improved upon? What does “strategy” mean for your business, anyway? Make sure you’re looking at past years and forward to future years, and don’t forget to include things like taxes, insurance, and marketing.
2. Financial Must-Dos
For many small business owners, handling end-of-year finances aren’t the enjoyable part of the job, but they are a necessary and crucial part of the success of a company in the years to come. Make sure you’re taking care of these six important financial items before the end of the year:
- Finish next year’s budget.
- Get your year-end tax reporting prepared.
- Check your profit and loss.
- Identify fringe benefits that should appear on W-2s.
- Verify 1099 information.
- Take inventory.
3. IT Tasks
The end of the year is a good time to review critical system upkeep and maintenance tasks for your company. Things like updating passwords, information security, and disaster recovery plans are crucial to your business’s health—don’t put them off.
Preparing for a smooth payroll year-end year-end is an unavoidable part of a small business owner’s task list. There are several tasks you need to accomplish to stay compliant with regulations, and you can learn more about them out here.
The end of the year is a good time to help your employees reach their goals and take care of themselves by preparing and reviewing things like flexible spending accounts (FSAs), health savings accounts, and total income statements. Taking initiative to help your employees with benefits shows your dedication to them and their well-being.
Your Best Resource For Completing Year-End Tasks
If you’re feeling the pressure to get things in order before the new year, check out the guide below. You’ll get details on how to accomplish these (and other) important tasks and tips on other important things you need to know to give your business a head start in 2017.