6 Things to Add to Your End-of-the-Year Assessment

We’re wrapping up the year and preparing for a superb start to 2023.

The holiday hubbub can make it easy to overlook some of the critical elements of your year-end review, so we’ve put together the ultimate checklist for your annual business analysis.

Here are 6 things to add to your end-of-the-year assessment:

1. ? ? ? Review Your Revenue Goals.

Look back at the revenue goals you set for 2022- will you close out the year on track? Have you met your quarterly goals throughout the year, or were there months when you needed to make adjustments? Regularly reviewing your progress helps you set more innovative revenue goals for next year.

2. ? ? ? Run End-of-the-Year Reports

End-of-the-year financial reports give a crystal-clear look at the big picture of your business. You can assess your financial health, determine what’s working well, and if you see room for improvement, you have time to talk to your CFO, Bookkeeper, and Accountant about strategies you can put in place to keep you on track in 2023.

3. ? ? ? Audit and Update Your Records

This is the perfect time to go through all your essential information, like employee records, payroll info, and vendor files, to ensure all information is accurate and up to date.

4. ? ? ? Inspect Your Inventory

Getting clear on your current stock helps you prepare for tax time, re-up on important items, and identify the products that didn’t live up to your expectations so you can phase them out in the future.

5. ? ? ? Back Up Your Business

Hopefully, you have regularly scheduled technology backups throughout the year, but it’s smart to do a comprehensive end-of-the-year backup on all your important devices, including computer systems, cell phones, and anything you use to keep your business running smoothly.

6. ? ? ? Celebrate Your Accomplishments

Take the time to reflect on all the AMAZING things you accomplished this year. Write them down and share them with your team to give yourselves a well-deserved pat on the back and end the year on a high note. (even if it was a tough year, good things did happen!)

Are you stressing about your end-of-year review? You’re not alone. Many business owners find themselves overwhelmed when they try to tackle their end-of-year finances. The Cash Flow CFO is here to help business owners like you understand their numbers and conquer that feeling of financial overwhelm.

Check out our website: www.TheCashFlowCFO.com.