Top Things Business Owners Should Do before Year End

First off, I want to thank you so much for taking the time to read The Scoop and the other content that my team and I put out. I hope 2022 has been a great year and that 2023 brings you even more success! Have a great holiday season!

Now…let’s get on to the good stuff.

2022 is coming to a close fast. But there is still time to make the right moves to put your business in the best position possible as we enter 2023. Many business owners are already deeply involved in their Q4, end of year preparations. But if you haven’t started those preparations yet, you need to get moving!?

Whether you’ve started your end of year prep or not, below are several essential things that every business owner needs to do before we leave 2022 and never look back.?

Talk to Your Accountant…Like Now?

There are few things more important for business owners towards the end of the year than speaking with their accountant. If you take anything away from this edition of The Scoop, please let it be that your accountant should not be someone that you talk to once a year in March. You need them there by your side throughout the year to help you make the right tax planning decisions, cash flow moves, and ensure that your books are being kept correctly.?

BUT…if you aren’t going to work with them throughout the year, then December is better than March. Meeting with a tax professional lets you get all your business ducks in a row. You should use this time to review financial statements, ask questions about deductions, and establish a timeline for your tax deadlines.?

Take a Look at Your Income and Expenses for the Remainder of the Year

There is still time to reduce your tax bill! Although exactly how you do that will depend on your specific business, it’s a good idea to talk with your tax professional about accelerating your expenses and delaying your income. For example, if you run your business on a cash, rather than accrual basis, you might want to send out your December invoices late in the month to delay getting paid until 2023. Also, if you can legally write off an expense in December, then you’ll receive that deduction an entire year earlier. Again, talk with a tax professional!?

Assess Your Cash Flow Challenges in 2022

Examine your cash flow statements from the past year to determine when and why and how pitfalls or challenges occurred. Identify patterns, so you can create better cash flow forecasting and planning in 2023. Did your business encounter a seasonal cash flow shortage due to slow demand, supply chain issues, or another problem that could potentially reoccur in the future? If so, make plans now to prepare for these challenges in the future.?

Set Goals, Create a Plan, and Write It Down!?

Before the year ends, you want to take some time (after analyzing your cash flow, tax situation, and business performance) to lay down your vision for 2023. See how well you met your 2022 goals and determine what you want to accomplish next year. The key is to write it down and share those goals with SOMEONE (even if it’s just your significant other). By writing it down and telling someone, you will be held more accountable.?

Want to arm yourself with tools and knowledge to accomplish your business goals in 2023? Check out this resource , designed specifically for business owners.?

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The Ultimate Business Resource

“I’ve worked with thousands of clients over the past 20 years. I’ve heard their worries, their problems, their solutions, and their fears. Do you know what I’ve learned from all that listening and finding solutions for people’s businesses?

“That the responsibility for everything about the business ultimately falls on the owner AND that the success or failure of a business lies in the gaps between what a worker or hired help does and knows, and what the business owner does and knows.”

-Margo

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