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4th Quarter: How to End the Year on a Good Note

2016 flew by, and many small business owners are scratching their heads wondering how the year slipped away so quickly. October marks the beginning of 4th quarter, which is a great time of year to assess your current financial progress and make goals for the rest of the year.

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Evaluating Progress this Year

As you look over the year, ask yourself this question: did I accomplish all of my goals for the year? Even if you didn’t meet specific business goals, it doesn’t mean that time is up! October is the perfect opportunity to dig in and boost your results a little more this year. Take action right now before the holiday season sets in.

Talk with your accountant to see details about the revenue that has been brought in, how much was spent on expenses, and whether the numbers are matching up the projections for the year. If the numbers don’t match what you had in mind, then you can look for ways to adjust workflow and strategy to set your business up for success in the future.

Preparing for Tax Season

The beginning of the year marks the beginning of tax season for small businesses and individuals. It can be hectic to gather all of the necessary information that your accountant will be asking for. Get a head start right now so that you can easily collect the information that will be needed.

During the first month of the year, you will need to provide details about payroll for employees and payments to contractors. Your accountant can prepare the tax forms that need to be provided to employees and contractors so that you can meet the January 31st deadline.

Use Technology for Financial Tracking

If you don’t already have the right bookkeeping and accounting system in place, then right now is a great time to implement a new system. Getting started before the end of the year will give you the opportunity to work through any potential kinks before the New Year starts.

Once you have the system in place, you can be happy to have a full calendar year tracked within the software. Planning ahead can make it an easy transition. Make sure that you work closely with your accountant if you are going to implement a new bookkeeping system.

Here at Easier Accounting we are working hard to help your small business succeed. If you are interested in learning more about how accounting services can be beneficial, then we invite you to contact our team right away: (888) 620-0770