Are you still eating the leftover Reese’s Peanut Butter bars left over from Halloween? Are you thinking about where to share Thanksgiving Dinner? Has it occurred to you yet that you need to start a Christmas list for friends, family and co-workers? And what about that holiday party? Sometimes it seems as though early November is merely a gateway to planning, scheduling, socializing and going just a little nuts thinking about the coming holiday season.
Slow down there, cowboy! It’s time to add some end of the year business planning to that mix. We can help!
- Verify your employee data. Make sure your records have a few things correct, because employees marry, divorce, and move. The items to check include correct spelling of names, name changes, current addresses, birth dates, and SS numbers. Also be sure tax ID numbers for independent contractors’ Form W-9 are correct and local taxes are accurate.
- Have you closed out each quarter for filing payroll tax returns and personal income tax? If there are any discrepancies, make corrections on the 4th Quarter Form 941.
- Check for any 3rd party payouts for disability so you have accurate reported amounts on tax returns and W-2 forms.
- Even though Congress is beating the drums regarding the ACA, tax form requirements are still in effect. Be sure you know whether you need to comply and check the IRS website for 2017 instructions for Forms 1094 and 1095.
- Check for unpaid bills or open invoices and clean up all your accounting-related processes so you can hit the ground running for end of the year reports.
- Change your passwords now to protect your business going into 2018. Don’t let your company be at risk for data hacks.
- Conduct employee reviews to ensure that everyone understands what’s expected and don’t forget to praise employees for the good job they did for the company this year.
- Set new business goals for the coming year. Write them down and share them with key employees.
Early preparations and organization helps us better reflect on the successes of the past, see clearly where change is needed, and prepare you for the challenges ahead.
You can spend more time watching the weekend games, get some fishing in before the really cold weather sets in, or shop early—if you have us do the accounting-related processes for you. If you only have to tackle Items 7 and 8, the coming holiday season just might be better than ever.