While to some of us, 2020 seems like it is the longest year in history; there are many business owners are seeing it come to a close and need to be prepared for the year-end statements. Wrapping up a year and crossing everything off your year-end to-do list is important. When you get started right now, a little bit early, it can make the end of the year far less stressful. Mark Dicus & Company is here to share some tips to help get your business ready for year-end.
Plan for Payroll
This last portion of the year is filled with federal holidays. With those holidays may come some tweaking in the payroll department. Being aware of all these holidays and the days that the banks will be closed, will give you the ability to ensure your employees are getting paid the day before if they are set to get paid on a holiday. There are also many employers that give their employees a bonus at the end of the year, and you need to plan for that if it is something you are doing.
Financial Statement Analysis
Looking at your finances at the end of the year is never something business owners look forward to. This is mostly because it can seem daunting. If there is extra cash somewhere, this is a great time to put it somewhere useful. Some options include your 401K, boosting 529 contributions and even charitable donations. Don’t forget about any funds that you may have in an FSA or HAS account either.
Choose a New Accountant for Your Small Business
If you are currently unhappy with your payroll provider and are looking for a new accountant and bookkeeper, the end of a calendar year is the perfect time to make the switch. Start looking now so that you find the perfect firm to help you with your financial records and tax documents. When you look and plan for that now, the accountant you choose will make sure they have time slotted for your business next year.
Focus on Your Employees
When you have employees working for you, there are several things that you need to take care of at the end of the year. First, you need to be thinking about end of year reviews. This gives you a time to talk to each of your employees about areas that are their strengths as well as areas that could use some improvement. Second, you need to make sure form W-4 has correct information as you likely use that to get W-2s ready.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
While there are still a few more months before the year is over, this is an ideal time to think about what needs to be done as the year comes to a close. If you are feeling overwhelmed with the process, you can turn to Mark Dicus & Company to help prepare you for the close of this year. Call us today!