Get your business finances in order for the new year with this checklist.
When it comes to your small business, it’s important that you’re wary of your finances. At the end of the year, it’s time to check in and take stock of your fiscal portfolio. It’s a great time to organize your finances so that you’re ready for the new year ahead. Take a look at your business’s accounting, and use this checklist to help you get back on track.
You conduct financial reports to ensure that your business is on track. As the year comes to an end, generate a report that includes your business’s profit and loss statement, cash flow statement, and balance sheet. Look over all your reports to see how your business stands financially. That way you can start planning for the year ahead based on your reports.
If there are any accounts that still haven’t paid you for your services, ensure that you work on collecting from as many as possible before the new year starts. Not only is it important to keep track of all your unpaid accounts, but it’s also a way for you to increase cash flow before the end of the year. That way you have more funds to start off the new year with.
Look at Cash Flow.
When conducting your fiscal review, don’t forget to pull up your cash flow statements. You need to know how your money was spent over the last year so that you can make improvements in the coming year. Look at your cash flow from financial activities, operating activities, and investing activities. That way you can go into a new year with the tools that you need to build your business.
When it comes to your finances, it’s important that you have all you need for the new year ahead. Use this small business financial checklist, and invest in the right commercial insurance. Contact the professionals at Robert J. Los Insurance Agency to find you the right insurance plan. Located in Hamburg, New York, we serve all your personal and commercial insurance needs.