Year-End Strategies for Small Businesses

What is December if not a month for lists? Chore lists, gift lists, and shopping lists abound during this busy month. And if you can stomach one more list, we have an important one for you. There are a few things that you need to do to close out 2019 as a business owner, so we’ve comprised it into a year-end checklist for your small business.

Get your financial records in order.

Are you the “shoebox full of receipts” sort, or are you more organized? Regardless of your style of financial management during the rest of the year, right now is the time to get prepared for taxes. If this isn’t your forte, don’t be afraid to hire help. Find tips on finding an accountant to meet your needs here: https://www.merchantmaverick.com/find-accountant-small-business/ Remember that staying on top of things can be so much easier when you’re in a space solely devoted to your business. Our Phoenix offices for rent provide you with the space, peace, and equipment you need to stay productive and organized.

Consider incorporating.

If you’re classified as a sole proprietor, you might want to consider converting to an LLC or corporation. And doing so effective January 1st will make things much easier come the next tax season. The liability protection that comes with being incorporated can bring greater security, but there is often a fee involved. Learn more here: https://www.llcuniversity.com/llc-vs-sole-proprietorship-vs-corporation

Grade yourself.

What were you happy with in 2019? What mistakes did you make? How did the computer programs you’re using either help you or cause problems? How did you do with documentation and organization? If your records are not in good order, now’s the time to take the necessary steps to straighten them up.

Grade your employees.

If you haven’t lately, provide your staff with performance evaluations. Your employees are critical for the success of your business, and they’ll appreciate knowing where they stand with you and their employment. Consider a bonus structure if you don’t already have one in place. A positive and productive review can generate a refreshed sense of energy and make your staff excited for the year ahead. Our Scottsdale offices for lease provide the perfect environment to hold staff meetings, including high-quality technology that enables you to conduct meetings or trainings with whatever equipment and programs you desire.

And speaking of employees, take some time to make sure your employee records are up to date. Are all addresses and phone numbers current? Are any employees still listed on the payroll who no longer work for you? Double check that past staff members no longer have access to company systems.

Don’t forget your 1099s.

If you’ve paid any independent contractor or other worker not on your payroll this year, and the paid amount totals $600 or more, you’ll need to file these tax forms. You’ll need to get them done by the end of January. (Bonus tip: make sure you’re familiar with the deadline dates for these, and all other, tax forms. These can vary depending on your business structure.)

At Versant, we know business. And we provide small business owners like you with the administrative services, offices, and meeting rooms that will foster productivity and growth in 2020. Call us to learn all the ways we can serve your business.