Article Summary: The time goes by, and for many business owners it’s time to start to prepare to the end of the year.In order to organize all your stuff, there some things that need to be done, before the new year starts.
- Figure out if your business was profitable enough during last 12 months?
- Make sure that your financial records are ready TAXES.
- Establish a retirement plan.
- Build up a plan for the next year and start working on your business projects.
Profitable businessGetting your company’s financials is probably a major point of the year-end planning. Such documents as balance sheet, income statement and cash flow statement provide a full picture of where your business now, along with possible future prospects. The balance sheet outlines your business’s assets, liabilities and equity. The income statement itemizes expenses and revenue, documenting whether your business is currently operating in the black, or in the red. The cash flow statement illustrates how your company’s revenues were spent, such as operating expenses, loans and loan repayments and investments.
Organizing your recordsThe best scenario is that you’ve been organizing all your paperwork during the whole year. If not, now is the time systematize and organize your company’s records. It could include any of the following:
Invoices and Receipts
Equipment and Inventory
Tax Forms and Records