Another year is quickly wrapping up, and it’s time to start getting your small business ready for year-end. There’s a lot to keep track of this time of year, but here are 15 tips to help the process go as smoothy as possible.
Some of these tips assume a December 31 fiscal year-end, but they still apply if your small business has a different year-end.
Getting your small business ready for year-end 2022
- Plan for holiday time off, whether or not you have employees. Ensure that you and your team take some time to unwind and recharge.
- Organize your files, records and receipts.
- Go through your contacts and update information or remove as necessary.
- Check to see if any of your licenses or permits are up for renewal.
- Update your payroll records.
- Report all 2022 paycheques on T4 slips.
- Make sure all tax deductions are in order.
- Make any business purchases that would qualify for tax deductions for 2022.
- Create a to-do list for the first week of January and make appointments now with key advisors, especially your bookkeeper and accountant.
- Keep your important information safe by updating your passwords. Apps like LastPass, Bitwarden, or even Chrome and Safari’s built-in password managers can help.
- 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.
- If you have employees, prepare and give evaluations. Discuss expectations and performance, and listen to any concerns your employees may have.
- Review your business plan. 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.
- Review your marketing, human resources management, financing, and operations. Can you improve in those areas next year?
- Brainstorm ideas for next year. Are any ways you can adapt to mitigate your risk or grow in a new way?