Getting your small business ready for year-end 2019

small business year end 2019 canada

It might not seem true, but we are nearing the end of the year (and the decade)! While you’re thinking of holidays and preparing for shorter days, you can also get your small business ready for year-end.

Getting your small business ready for year-end in 2019

(Some of these tips assume a December 31 fiscal year-end, but they still apply if you have a different year-end!)

  1. Organize your files files, records and receipts.
  2. Update your payroll records.
  3. Report all 2019 paycheques on T4 slips.
  4. Make sure all tax deductions are in order.
  5. Make any business purchases that would qualify for tax deductions for 2019.
  6. Create a to-do list for the first week of January and make appointments now with key advisors, especially your bookkeeper and accountant.
  7. Remove old contacts and update professional contacts.
  8. Update your personal productivity and technology tools – download updates and templates and make sure your current apps are still working for you. Even more fun – look for new ones! Check out some productivity apps you may find useful.
  9. Keep your important information safe by updating your passwords. Apps like LastPass or even Chrome’s and Safari’s built-in password managers can help.
  10. Check to see if any of your licenses or permits are up for renewal.
  11. Review your business plan. Did you meet your goals? Did you fall short? Take this time to think of new strategies based on what worked and what didn’t – or what changes in the business environment might necessitate a plan update.
  12. Review your small business’ marketing, human resources management, financing, and operations. Can you improve in those areas in 2020?
  13. If you have employees, prepare and give evaluations. Discuss expectations and performance, and listen to any concerns your employees may have.
  14. Plan for holiday time off, whether or not you have employees. If you do have employees, the earlier you get everything organized, the better.
  15. Enjoy the downtime! If your small business gets quieter at the end of the year, give yourself a well-deserved rest. You’ve earned it!

Have questions about any of these tasks? Ask a GoForth Expert. The answer to your question could help other Canadian entrepreneurs who may be wondering the same thing. How charitable of you – perfect for the holiday season!

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How to get your small business ready for year-end

The year is almost over, and your business is likely slowing down – or at least, your will to work is slowing down! But don’t succumb entirely to the holiday spirit quite yet! Now is the perfect time to make sure your small business is ready for its year-end, as well as to plan for the coming year.

Here is our list of five helpful tasks you can do right now to make sure your compliance is up to date and your business year is tied up nicely:

  1. Update your payroll records, report all paycheques for the year on on T4 slips, and make sure all your other deductions are in order.
  2. Collect and organize all your 2010 receipts, records and other accounting files to get ready for income tax season. This includes completing inventory records and putting expense receipts into categories by month.
  3. Streamline your contacts list – remove old contacts, duplicate records, and update current contacts.
  4. Update your personal productivity and technology tools. Download any necessary updates, templates and update your smartphone.
  5. Create a to-do list for the first week of January. Make appointments now (before everyone goes on holiday) with key advisors, especially your bookkeeper and accountant.

Check out our December newsletter for more year-end organizational and compliance tips, as well as an introduction to our Module 10 instructor Cindy Radu, and a feature on one of our entrepreneurs, Karen Jamieson!

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