Ask Anderson 1.16.2020: Year End Checklist for Business Owners
Updated: Jan 23, 2020
Continuing with our "Ask Anderson" series, here's an article with information for business owners...
With the beginning of 2020 here with us, it is important to get everything for the 2019 together, so won’t you feel panicked and stressed as we approach tax time.. Here is a checklist that you could use to make sure you are on top of what is going on in your business.
Go Over Last Year’s Goals
Pull out your notes on what your goals were for your business this year. Did you reach your target numbers? What changes need to made so that you reach your goals for 2020? In other words, what would you do differently this year to help you keep track of your new goals for 2020 to make sure you hit them?
Get Your Finances in Order
Do you do your own accounting, or do you have an accountant or bookkeeper? In either case, you should set up an appointment with an accountant to go over your finances to make sure your financial statements are in order. The three main statements that you should have prepared for the end of the year are…
The Balance Sheet
The Income Statement
The Cash Flow Statement
Having these statements balanced and prepared with make it much easier for you and your business when you do your tax returns.
Look at your business and investigate if it is the right type of structure for the best tax strategies. Set up an appointment with an accountant or tax professional to get help with questions,
such as determining whether you should turn your business into a Corporation and how other tax strategies that you might not be doing now that can save you money on your tax
Start Setting Next Year’s Goals
It is the perfect time to start thinking about your goals for next year. Prepare action plans that you want to use to help you reach those goals. Think about getting an accountability partner or hiring a business coach if you need some to help push you if you need it.