How can it be the fourth quarter already?!
It happens at the same time every year and yet it always seems to sneak-up on us.
Are you on track to finish the year strong?
The fourth quarter can be challenging for many because it’s a fun time of year when many business owners take time off to spend with family and friends during the holidays.
While time with loved ones is important, it’s also crucial that you don’t let your business goals slide during the holiday season.
We often hear people say they will pursue their goals in the new year.
That’s great, but it’s imperative to long-term success that you buckle down year-round.
Look for ways to inject consistent effort into your business and achieve your goals while maintaining a balance between your personal and work life.
You can enjoy the holidays without your business suffering and One Source Services, Inc. dba Sherman Oaks Accounting & Bookkeeping can help.
Do you know why the day after Thanksgiving is called “Black Friday?” It’s often the time when a business’s annual sales go into the black.
Poor planning often results in inadequate cash flow to support year-end customer holiday shopping. You don’t want to be stuck without product to sell when customers come looking!
Is your inventory stocked for increased sales during the busy gift-buying season? Do you have the manpower to support the sales surge?
Talk to your accountant and lay the foundation for success now.
Accountants like those at Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. can perform evaluations, inventories, and audits to anticipate year-end order and inventory needs.
Even service providers who don’t sell products can finish the year strong by using the holiday season to boost business.
For example, a service-based business can offer Black Friday discounts on their available services.
Get creative! Customers are in a buying mood this time of year; take advantage!
The fourth quarter is an unavoidably busy time with increased business, personal holiday demands, time-off requests, client gifts, and employee bonuses.
Ensure you’re ready for the upcoming tax season now! Meet with your CPA and confirm you’re compliant and set for year-end.
Sherman Oaks Accounting & Bookkeeping powered by One Source Services, Inc. can see to it that your accounting information is available and accurate for your tax preparer.
Your accountant and bookkeepers should be gathering all the information to tie-up this year’s loose ends and plan for next year.
Know your numbers! Ensure your 2019 financial data is up-to-date and organized, tracking every cent in and out of the business.
Ask yourself:
- Are you on track to hit your target sales number for the year? If not, why not?
- What activities have brought in more sales and revenue to your business?
- What categories are cutting into your profits?
- Is your accounting system effectively showing current financial reports?
- What is working and what is not?
- Has your marketing plan brought in customers as anticipated?
- How can your business boost sales by leveraging the holiday season?
Hopefully, you’ve been doing this regularly and already know your business’s current successes and challenges.
Forecast your potential revenue, costs, sales, product offerings, etc. for the upcoming first quarter.
Use the information to predict how your business may perform next year and then outperform it!
Analyzing key data now may identify gaps, expose a need to evaluate partnerships or supplier relationships, and perhaps ascertain that new equipment should be purchased before year’s end while you still have time to react before the new year.
For example, if you see that profits are coming in higher than in previous years, then you should consider ways to write-off expenses and manage the tax burden in your favor. To do this, you must know the details this year and react before the calendar year ends.
The fourth quarter can be incredibly hectic even for the most organized and well-prepared.
Considering and implementing year-end preparations now, including those mentioned above, can save you time and energy when closing out the year and ringing in the new one.
Be fully prepared. See what’s coming! Write down your desires, expectations, and strategic goals for the first quarter of next year.
Here is a Q4 checklist developed by professionals at One Source Services, Inc. dba Sherman Oaks Accounting & Bookkeeping:
- Hold a meeting with key decision-makers and your accountant to review the 3rd quarter profit and loss statement and determine anticipated expenses.
- Ask your accountant about what you should collect before year-end. They may advise that you need to gather 1099s, year-end vehicle mileage information, and more.
- Create budgets for the new year.
- Complete all outstanding employee performance evaluations before year-end.
- Back-up your accounting software.
- If your business doesn’t conduct weekly or monthly counts, then do a year-end physical inventory count.
- Review achievements and accomplishments your business saw this year and share them with your staff.
- Identify opportunities to improve business performance and customer service in the new year.
- Conduct a product & services price review if increases will be appropriate in January.
Do you want your business to dominate next year?
Position yourself now for triumph in the new year!
One Source Services, Inc. dba Sherman Oaks Accounting & Bookkeeping is here to simplify your finances and achieve your year-end and new year goals.