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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