Closing the book on 2020 can’t come too soon.

It is time to finalize your budget, determine your most tax advantageous use of your money and prepare for filing your tax returns. Inevitably, December 31 will arrive. We know that but we still procrastinate. You have about 6 weeks to get that done. If you haven’t started the process yet, & even if you have, these steps will ensure you can wrap up 2020, in the best financial position available to you.

• Schedule appointment with your CPA or tax advisor

  • Review your financial reports with the expert in your corner. Request suggestions, corrections, and direction for a strategic year-end financial position. Determine what depreciation needs to be entered into your books and request that be done.

• Schedule appointment with your Financial Advisor

  • Knowing the flow of your company financials to your personal tax return, will help make a determination if you need to purchase the equipment you have been holding off on, or if you should wait until the next fiscal year. If spending is needed, use it to your advantage. Don’t just spend haphazardly without guidance from the trusted advisors in your circle.

• Review your bookkeeping with your bookkeeper

  • Review your reports together. Ask questions. Your bookkeeper knows a lot of the specifics that make up your finances. Understanding what the reports represent will help you to determine what the start of 2021 will hold.

• Finalize your budget

  • Did you hit your target, or come close to meeting your goals? Did you achieve your sales goals but your payroll costs were through the roof? With the added details from the discussions with the experts in your corner, what needs to happen and is it even realistic to do. What changes need to occur for then next years budget?

Mostly with resistance, hesitation and disbelief, we have all decided that ‘this’ is the new normal. For however long, whatever it looks like or how it plays out, sitting idle with your head buried, trying to ignore the sights and sounds around you, will not stop the calendar from turning the page. Take control of your thoughts and action, & manage your final decisions for 2020 with the knowledge you have gained from the prep work and your experience of being a successful business owner. 2021 is just around the corner.