End Financial Year Checklist
Starting to stress about financial year end? Whether it’s end December or end February… it’s SOON.
Help is at hand in the form of this contributed post.
Checklist For The End Of The Financial Year
As a business owner, it falls to you to deal with all of the financial aspects of your company.
You should be on top of your finances throughout the year so you’re always aware of the state of your business but when you reach the end of the fiscal year, it’s especially important.
There are so many bits and bobs to remember and it’s easy to forget things when you’re already dealing with the rest of the day to day running of the business.
However, even the smallest oversights can land you in a lot of trouble so it’s vital that you remember every tiny detail.
To make it easier for you, we’ve put together a checklist for the end of the fiscal year.
If you don’t get your taxes right you could get slapped with a big fine and even if it’s a genuine mistake, nobody will have any sympathy for you.
Most people remember to pay all of their business taxes but they often overlook their employee’s taxes. You need to supply every employee with a W2 form at the end of the fiscal year so they can fill out their tax returns correctly.
You can easily do your W2 2017 forms with a simple tool online so there’s no reason to forget them. It’ll only cost you $11.99 per form which is a lot less than you’ll be paying out in fines if you don’t do everything by the book.
Profit And Loss Statements
A business should always be moving forward and the start of a new fiscal year is the perfect time to start expanding. However, it’s never a good idea to expand your operation if you haven’t got the extra cash to do it.
The best way to understand the health of your company and decide whether it’s time to take things to the next level is look over your profit and loss statements.
Check how much money you’ll have left at the end of the year, and don’t forget to factor in any big expenses you’ve got coming up in the near future. Once you’ve done that, you can make an educated decision about the future of your company.
Another easy way to assess the health of your company is by looking at your inventory.
- Look at exactly how much you’ve bought and how much you’ve got left and you’ll get an exact figure for the number of units you’ve sold that year.
- Now you can compare that with previous years and you should hopefully see a significant increase. If you don’t, alarm bells should be ringing.
- You should take this opportunity to start coming up with a plan for how to increase sales in the coming year.
- It’s also a good way to work out which of your products are selling better than others; if you’ve got some that aren’t really selling that much, it might be worth getting rid of them and focusing on your more successful products next year.
Follow this quick checklist at the end of the financial year and you’ll build a clear picture of the state of your business.
All the best for your financial year end.