As the year wraps up, most small businesses realize how unorganized their bookkeeping has been. Although every tax accountant is different – here are SIX of our framework strategies to getting ready for the new year!
Tip #1: Set-up your systems (for success)
Setting up systems helps you stay organized, making you confident! Ways to stay organized are keeping your personal and business finances separate, choosing a Point of Sales system that suits your business. Our favorite software is Quickbooks!
Tip #2: Catch-up
Want to know how you are doing compared to this time last year? You need to have organized books for the previous two years in order to get accurate data. We often hear “I wanted to start in January but I m
Tip #3: Analyze
Analyzing financial statements allows reflection time for;
1) Tax Prep
2) Possible money to take on next year's expenses
3) See if you are ready to change your structure.
Tip #4: Read
Reading ON your business and not IN your business makes all the difference. It is important to take a step back and reflect on time spent and lessons learned on your business this previous year.
Tip #5: Explain
Explain your decisions to yourself, your bookkeeper, or have your bookkeeper explain your financials to you! This provides context around decisions you made and their results – it is important to learn from them and pivot them in the next year.
Tip #6: Decisions
Entrepreneurs & biz owners are often in a state of decision fatigue. After all, you are running a whole business. It's vital to your business that you use numbers to make big decisions like changing team structure, seeing if your plans ‘paid off' this year, and see if you are ready for more help!
We hope our SCARED method can help you and your business prepare for all things taxes, and end of year.
Want help going prepping for next year, book a free strategy call with our team!
