Three Weeks Left
With three weeks left in the year business owners have a few things to consider:
1. Have you gotten your books in order? - Many business owners use the "shoe box technique" to keep the books in order. This is not advisable. Business owners should use Excel or an accounting program such as QuickBooks to record financial transactions during the year. Within the next three weeks it is important for business owners to get their books in order.
2. Minutes in order? Corporations are required to maintain meeting minutes during the year. Many small business owners fail to get this done. It is important to stay in compliance with Federal and State laws that corporations make certain minutes minutes are maintained.
3. Year end information - Many businesses deal with or hire independent contractor (i.e. professional services, extra labor, etc.). It is vital, and required by law, that every business obtain the name, address and social security number of each contractor hired. Be sure that you obtain all of the required information, even if the contractor was paid by cash.
4. Time to reflect - After you have resolve the above three matters it is important to reflect. Reflect on the events that surrounded your business this year. During this time I suggest that you ask yourself the following questions: (a) What areas did the business fail in? (b) Is there something you can change? (c) Where did the business excel? This helps you place the year in perspective so that the necessary adjustment can be made during the coming year.
If there is a need for assistance in any of these areas, we can refer someone to you.
With three weeks left in the year business owners have a few things to consider:
1. Have you gotten your books in order? - Many business owners use the "shoe box technique" to keep the books in order. This is not advisable. Business owners should use Excel or an accounting program such as QuickBooks to record financial transactions during the year. Within the next three weeks it is important for business owners to get their books in order.
2. Minutes in order? Corporations are required to maintain meeting minutes during the year. Many small business owners fail to get this done. It is important to stay in compliance with Federal and State laws that corporations make certain minutes minutes are maintained.
3. Year end information - Many businesses deal with or hire independent contractor (i.e. professional services, extra labor, etc.). It is vital, and required by law, that every business obtain the name, address and social security number of each contractor hired. Be sure that you obtain all of the required information, even if the contractor was paid by cash.
4. Time to reflect - After you have resolve the above three matters it is important to reflect. Reflect on the events that surrounded your business this year. During this time I suggest that you ask yourself the following questions: (a) What areas did the business fail in? (b) Is there something you can change? (c) Where did the business excel? This helps you place the year in perspective so that the necessary adjustment can be made during the coming year.
If there is a need for assistance in any of these areas, we can refer someone to you.