This article from The Balance caught our eye because it offers some simple, straightforward advice for small business owners about wrapping up the current year and preparing for the new year. What’s nice is that the advice is applicable to different types of businesses, and it is not specific to a given region or country necessarily. Of course, for advice more specific to your area of business, your part of the world and your requirements, that’s where a good accountant is your best resource.
The Balance advises that your year-end checklist should include:
- Review your reports.
- Defer income.
- Make purchases.
- Run an inventory check.
- Start or contribute to a retirement plan.
- Contribute to charity.
- Start preparing for next year now.
What else would you include as a good year-end practice? Add your suggestions to the comments on this post. Thanks!