The end of the year seems like a whirlwind of parties, holiday shopping, and finishing up last minute tasks before the start of the new year. If you’re a business owner, this is the time when your business needs the most attention. Taking care of last minute accounting, IT, and administrative tasks can help close the year and prepare you for success in the upcoming year. In this blog, out Chicago business lawyer explains your business’s end-of-the-year checklist.
Run Standard Reports
The end of the year is a perfect time to determine where you and your business stand, financially. Use your system’s accounting software and look through this year’s and last year’s financial spreadsheets. Pay special attention to your profit and loss report –this is perhaps the most accurate way to tell what your business’s finances look like and what your projected outlook is for the following year.
Inventory Count
If your business is one that keeps products in a back storage room or offsite warehouse, be sure to conduct an end-of-the-year inventory count, and make any necessary changes to your current inventory records. By doing so, you’re giving yourself the opportunity to see if there are any discrepancies in your inventory reports – if you find inaccuracies, it may be wise to further investigate to make sure your business is not experiencing any losses internally.
Examine Your Current Goals, and Make New Ones
Was there a goal you set for yourself to accomplish by the end of this year? Gather various financial documents, ask for customer feedback, and conduct meetings with your team to assess where you are as a company and what a realistic goal for the next year looks like. Is there anything you did this year you’d like to continue next year? Set financial goals for the next year, but allow yourself to grow in your professional goals as well.
At The Prinz Law Firm, we provide strategic solutions to complex problems. We are dedicated to helping and protecting the success of hardworking business owners. Call (312) 212-4450 to schedule a free consultation with a skilled and experienced Chicago business law attorney.