How should you prep for year-end?
The end of the year is upon us!
What are some things that we can do now to prep for December 31st, or even for January?
Payroll & Employees
Double check all contact information to make sure you've got it
That means checking their mailing and email addresses so your payroll provider can get out their W2s at the end of the year which are due by the end of January
Reach out to former employees to see if they've moved and update their personal information.
Vendors/Contractors
Make sure you have all their W9’s
Update all mailing & email addresses
Taxes
Talk to your tax advisor now (don't wait until January because then it's too late to go back and say what could I have done in 2021 to mitigate my tax liability)
Have a very frank honest conversation with your advisor and get some tax strategy in place now.
Pro-tip! You should be doing that at least semiannually or better yet quarterly so set those appointments up with your advisor now for 2022
Plan to Build Cash Reserves
You're already looking at your budget for next year so how about planning to take aside just a little bit of every invoice and put it in a separate account. A cash reserve of even five percent on a $1,000 invoice is only fifty dollars and you might be thinking what the heck is that going to do. But putting that little acorn away every single time you have an invoice or for every invoice once a month putting in it in a separate account. You're gonna have an oak tree pretty darn fast.
Overall Business Planning
Take the time now to look at 2022. Where do you want to be and what do you want your business to look like at the end of 2022? Put that plan into place now.
Coaching
Consider engaging with a business or mindset coach.
You’ve got this!!
