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Settle Your Small Business’s Finances Before the New Year

Small Business’s Finances

The end of year financial checklist for the small business’s finances.

As a small business owner, you work hard to make sure that your company is successful in all its endeavors. As we all know, the end of the year calls for festivities, parties, and family engagements. But before you end up having a stack of paperwork to sort out in the New Year, make the time to settle your small business’s finances now.

Run reports and assess success.

Take this time of year to assess where you stand financially and how that compares to the previous years. Use your accounting software to generate a complete financial report, consisting of all profits and losses, as well as a cash flow statement. Your profit and loss report is key as this gives you some insight of how you did this year and if the next year will be more or less successful. You can also use this data to determine what were the slow months and how you can correct this in 2017.

Update information in the system.

Take a look at all of your vendors in your system to verify that the contact information, including the phone number, email address, and contact name are still correct. While you’re at it, settle these accounts and eliminate any old or expired vendors’ details.

Check payroll and benefits.

Before the year ends, it’s best to stay on top of any issues or corrections that need to be made to your payroll. Ensure that the company car is accounted for, and other benefits, such as educational reimbursement, health and life insurance, and transportation subsidies.

While your business focuses on staying successful throughout 2017, let the professionals at Humble & Davenport Insurance protect it! With reliable business insurance, you can resolve 2017 to be one of the most protected years yet. Visit us in Renton, Washington today to get started.