Tag: organizing your business for year-end

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How to get your business ready for year-end 2022

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

  1. Plan for holiday time off, whether or not you have employees. Ensure that you and your team take some time to unwind and recharge.
  2. Organize your files, records and receipts.
  3. Go through your contacts and update information or remove as necessary.
  4. Check to see if any of your licenses or permits are up for renewal.
  5. Update your payroll records.
  6. Report all 2022 paycheques on T4 slips.
  7. Make sure all tax deductions are in order.
  8. Make any business purchases that would qualify for tax deductions for 2022.
  9. Create a to-do list for the first week of January and make appointments now with key advisors, especially your bookkeeper and accountant.
  10. 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.
  11. 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.
  12. If you have employees, prepare and give evaluations. Discuss expectations and performance, and listen to any concerns your employees may have.
  13. 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.
  14. Review your marketing, human resources management, financing, and operations. Can you improve in those areas next year?
  15. Brainstorm ideas for next year. Are any ways you can adapt to mitigate your risk or grow in a new way?
Good luck, and we hope your year-end preparation goes well!
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business year-end in 2021

Getting your business ready for year-end in 2021

It’s the end of the year already! If you’re like us, you’re surprised at how quickly it got here. But it’s a great time to start getting your small business ready for year-end. 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 in 2021

  1. Organize your files, records and receipts.
  2. Remove old contacts and update professional contacts.
  3. Update your payroll records.
  4. Report all 2021 paycheques on T4 slips.
  5. Make sure all tax deductions are in order.
  6. Make any business purchases that would qualify for tax deductions for 2021.
  7. Check to see if any of your licenses or permits are up for renewal.
  8. Create a to-do list for the first week of January and make appointments now with key advisors, especially your bookkeeper and accountant.
  9. 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.
  10. Keep your important information safe by updating your passwords. Apps like LastPass or even Chrome and Safari’s built-in password managers can help.
  11. If you have employees, prepare and give evaluations. Discuss expectations and performance, and listen to any concerns your employees may have.
  12. Plan for holiday time off, whether or not you have employees. Holidays are an odd thing during a pandemic, we know, but ensure that you and your team take some time to unwind and recharge. If possible, you can consider taking your office holiday party online this year.
  13. 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.
  14. Review your marketing, human resources management, financing, and operations. Can you improve in those areas next year?
  15. Brainstorm ideas for next year. Are any ways you can adapt to mitigate your risk or grow in a new way?
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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

Note: The last version of this article was posted on December 2016. This updated article contains refreshed links and up-to-date information.

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Winter can be a slow time for many businesses, especially at the end of the year. Nobody wants to be caught unprepared in the new year. But, by taking this downtime to prepare your business for what lies ahead, you’ll start the new year refreshed, prepared and ready for anything. Here are some simple things you can do to get everything in order for year-end.

  1. Organize your accounting files, records and receipts to get ready for income tax season. This includes completing inventory records and putting expense receipts into month-based categories.
  2. Update your payroll records, report all current-year paycheques on T4 slips, and make sure all your other deductions are in order – when you see your accountant or bookkeeper in the new year, it’ll run smoother for everyone.
  3. Create a to-do list for the first week of January and make appointments now with key advisors, especially your bookkeeper and accountant – before they get booked up.
  4. Streamline your contacts list – remove old contacts and duplicate records, and update current contacts in your professional networks.
  5. Update your personal productivity and technology tools – download updates and templates and make sure your current apps are still working for you.
  6. Review your business goals. What went well? What lessons did you learn? What did your competition do? (Check out our competitive matrix to see how you measured up to your competition.) This way, you can do more of what worked and less of what didn’t work.
  7. Develop a strategic plan to get you to your goals. If you don’t have one, check out our free one-page business plan template to get you on the right track.
  8. Analyze your marketing, HR, financing and operations. There’s always room for improvement, so brainstorm some ideas to become more effective.
  9. See how social media can help promote your business in the new year. Read some business blogs (like this one) or follow some business experts on Twitter, Facebook, LinkedIn, or Instagram. Learn from the pros as well as from the social media gaffes.
  10. Delete old or duplicate files, get rid of email spam, back up your business records onto a memory stick or in the cloud. You can also hire a company to do this for you on a regular basis.

There you have it – 10 ways to prepare for your small business’ year-end that can easily fit in around your holiday activities. Have fun with it, and pat yourself on the back for your year in entrepreneurship!

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