Business Year-End Tips

Here are a few tips to help you finish your year strong!

Invoices – Make sure your accounts are up to date. If your business runs on a calendar year, it’s good to pay any outstanding invoices during the calendar year to keep accounting clean and simple.

Back Up Data – Ideally, you are backing up your key data on a regular basis. However, the end of the year is the perfect time to ensure you’ve back up your essential files and other information.

Thank Your Customers – The end of the year is a good time to share your appreciation to your clients and/or customers as well as other key stakeholders. A holiday message acknowledging how much they mean to you and your business can set the stage for the next year.

Cost Cutting? – The year end is a good time to review your expenses for the year and identify any expenses you may no longer need. Are you paying for monthly subscriptions where you don’t see any value? Did you pay for a resource that you didn’t use? Make sure to cancel any automatic monthly or annual renewals as needed.

Prepare Key Reports – Generate your balance sheet report, income statement, and cash flow statement to get an overview look of your business’s financial health.

Taxes – Tax season will be around the corner – get your documents in order.

Goals – Now is the perfect time to set your goals for the next year. Create your plan for achieving these goals and give yourself deadlines to ensure you follow through.

Clean Up – For some businesses, the holidays present a quieter atmosphere enabling you to take the time to clean your digital and paper files. It’s a great way to reduce clutter and start the new year with a more organized approach!

If you'd like additional support for your business, IFEL has resources and programs available to help entrepreneurs along their journey. Reach out today to learn more or apply here.