The end of the year can be a seriously busy time for the average person but when you add running your own business into the mix, that’s when things get even more stressful.
Before the New Year rolls in, there are plenty of things you’ll need to check off your to-do list, (apart from buying presents), so we’ve put together this handy guide to help you get the most important things sorted.
Make sure your Tax Return is correct and up to date
Getting your tax return right is important for so many aspects of your business, not only can a good tax return help you to appear more financially sound, it will ensure you aren’t paying too little or too much tax.
Check over your profit/loss reports for the year
Your profits and losses for the latest financial year will tell you a lot about how you run your business and what you can do to improve. Gaining an up to date insight on your business is incredibly important if you want to take your ideas further.
Ensure business and client details are up to date
Moved office recently? Perhaps you’ve switched bank accounts? Chances are you’ve let everyone know but if you have clients you work with on an ad-hoc basis, they might not have your most up to date details. Similarly, double check that you have the most recent and correct information for your clients including bank and office details.
Pay or chase up any outstanding invoices
The end of the year is a good time to chase up any outstanding invoices you still haven’t received or to make any payments you might have forgotten about. Of course this is something that should be kept on top of all year round but sometimes invoices can slip through the cracks.
Consider an employee pay rise or yearly bonus
Review how hard your employees have worked this year and consider whether their commitment to the business has had a positive impact. If so, they might be due a pay rise or even a bonus going into the New Year.
Determine future staff requirements
Has your business seen rapid growth this year? If yes, it might be time to expand your team or even take on your first employee. Look at your yearly profits and take into consideration how a new employee might help your business to expand its profitability even further.
Ensure employee details and visas are correct and up to date
If you already manage a team of employees, the end of the year is a great time to ensure their details are up to date for the New Year. In addition to this, if you hire employees from overseas now is a good time to look over visas and working permits to determine if they need to be renewed or extended.
Back up files
If you aren’t doing so already, start using cloud and online systems to back up those important files. That way, if the worst should happen to your computer, you know your important data is safe.
Update your inventory
Your inventory and assets say a lot about the financial health of your business, so use the end of the year as an excuse to log all those new acquisitions and purchases.
Evaluate business goals
As the New Year draws closer, take some time reflect upon your business goals. Have your long or even short term hopes for the business changed? If so, get them down on paper and use the next year to put those ideas into motion.