A Q4 Financial Checklist for Small Business Owners

It’s almost 2017, do you have a year-end financial plan? This handy checklist will keep you on task.

Compare your monthly budget with actuals for the past year

• How is the business performing this year?
• What changes need to be made next year?

Create your baseline budget and a projected growth budget for next year

• What does the business need to do to achieve your financial goals?

Develop a long term cash flow forecast for the entire next year

• What are the cash needs of the business and when may financing be needed?
• Will you have excess cash to support growth?

Update your short term 13-week forecast for the balance of this year

• What are the short term cash challenges to overcome and are tax liabilities being reserved?

Update your year-end forecast for tax planning

• How much will your tax liabilities be and have you reserved enough cash?
• What are your year-end tax strategies to minimize tax liabilities?

Update your bookkeeping and reconcile accounts

• This should be an ongoing task to stay current, but sometime gets away from business owners. 

Prepare for 1099’s Due in January

• Have you been collecting W-9’s during the year from your vendors?
• A quick review now will prevent a mad scramble in January.

Review your accounting infrastructure

• Are the right people, services providers, technologies, and processes in place, or are any of these currently inhibiting the business’s growth?
• Are you, as the business owner, spending too much time on bookkeeping and financial tasks that should be outsourced to a professional?

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