We’re approaching the end of the calendar year and, what is for many people, the busiest time of the year. For many businesses, it is also the fourth quarter of your fiscal year. That means it’s time to get your records in order for the year-end close out. Getting organized now will save you time and, likely, money. This is also a good time to take stock of your business’s current position and map out the year ahead. Here are a few ideas to get you started planning for a great 2012:
- Check around your desk for stray receipts and bank statements. Then dust off those file folders and get to work bringing your records and files up-to-date. Not only will your accountant appreciate your efforts to stay organized, you’ll avoid the last-minute scramble at tax time and start the new year off on the right foot.
- Maximize your business’s tax deductions before the end of the year. This may include upgrading equipment or making charitable donations. Check with your accountant to determine how you can maximize your deductions before the year’s end.
- Review your business’s performance in 2011 and pen your resolutions for 2012. Begin setting your goals and revising your financial forecasts now. Dig out your business plan and read it. Did you meet your objectives for the year? If not, there are two months left to do so. If you are on target or ahead of your plan, think about what will make next year even better, what changes need to be made, and when you anticipate making them.
- Talk to your banker and find out what information they will need from you and when you should deliver it to them. Be proactive and reap the benefits next year.
Let Zions Bank’s Business Resource Center assist you with your business needs. Call us for a free appointment at (801) 594-8245. We are open Monday through Friday from 9 a.m. to 5 p.m. Beth Holbrook can be reached at beth.holbrook@zionsbank.com.
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