Year-End Checklist For Small Businesses

For most small businesses, the end of the year is a busy time. You might have an influx of customers to serve, and holiday sales or promotions that require much of your attention. While you still have months to go before tax season, now is the time to get your finances in order to help you save on your taxes and prepare for an even more successful 2018. You may only need to set aside a few hours now to save you tons of headaches in the coming year.

Organize your receipts

If you are storing your receipts in a drawer or filing cabinet, and haven’t looked at or reorganized it since last tax season, now is a good time to get in there and make sure you’ll be able to find the records you need this coming April. You can scan your receipts, or even take photos of them and upload them to an app.

Automate your accounting

If you are still organizing your finances in a spreadsheet, it’s time to switch over to a cloud-based accounting software like Quickbooks. Your software will be able to connect to your bank account and credit cards and record and organize transactions automatically.

Now is also a good time to start working with an accountant or bookkeeper to get your finances in order.

Create a new business and marketing plan

The end of the year is the perfect time to review the goals you made this time last year and see if you achieved them or not. If you did not reach their goals, they may have been set with expectations that were too high, or you may not have prioritized the actions that would have gotten you there.

Brush up on New Jersey Business Taxes

You can find plenty of resources to answer your tax-related questions on the NJ Business Tax Center website.

If you’re have any trouble understanding a tax law, or you need some extra help, don’t hesitate to contact a tax professional.