As 2016 comes to an end, some of you are also dealing with your year-end paperwork. In the midst of all of the craziness, we want to help you wrap up this year right so that you can start off 2017 on the right foot. Here are a few tips to help get you started.
Review your records
The most pertinent part of your year-end will most likely be checking your records, your books and your reports for accuracy. If you are able to review all of your documents and adjust any errors, this will leave you with the ability to feel confident in your work and mitigate any risk that incorrect entries may have caused.
Additionally, if you don’t have time to do this, or simply think it would be more beneficial for a second pair of eyes to be doing this, consult with an auditor or an accountant. A professional will help uncover missed errors and major areas for improvement. Whether you’re a small or large business, this will help you gauge whether or not your business is doing a good job of keeping all of your documents up-to-date.
Invest unforeseen profits
If you made more money than you were expecting to this year, don’t let it go to waste. Instead of letting those profits be taxed as income, take advantage of them. This would be a great time to evaluate your infrastructure and make any major improvements. That could mean buying new software for your computers, upgrading the printer or buying a larger space for your office. You can also use these extra profits to take advantage of deductions, which include:
- Gifting your employees
- Donating to a local charity
- Starting a retirement savings plan or making a big contribution to an existing one.
All of these are ways to invest those extra profits and get deductions on your income tax. Be sure to follow the guidelines laid out by the government and ensure that you collect donation receipts accordingly. Giving back is our favorite because you get to help others in need and show the community that your business cares.
Start preparing for next year now
Maybe that audit revealed something big and it took more time than expected due to unexpected errors. Whatever the case may be, this would be a great time to implement changes in the way you operate your accounting or book keeping systems. You’ll want to consider using a cloud based system so that your information is more accessible, therefore, easier to update more regularly. Investing in a good software can make your life way easier. Many accounting programs analyze data in real time, pick up on errors before they happen and overall, give you better insights into the way your business is operating.
Take the time to recognize errors in your operations and set achievable goals to improve your accounting departments’ performance and accountability. This is going to help you set a standard that will keep your business in the clear.
We hope these tips are able to assist you in a seamless year-end. Every new year is a new opportunity to better ourselves and our businesses. It’s an opportunity to get in touch with and reboot those goals that mean so much to us. We hope that we are able to provide you with the right tools to make 2017 a fantastic and successful year! Happy Holidays from our team to yours!