A Q4 Financial Checklist for Small Business Owners

It’s almost 2017, do you have a year-end financial plan? This handy checklist will keep you on task.

Compare your monthly budget with actuals for the past year

  • How is the business performing this year?
  • What changes need to be made next year?

Create your baseline budget and a projected growth budget for next year

  • What does the business need to do to achieve your financial goals?

Develop a long term cash flow forecast for the entire next year

  • What are the cash needs of the business and when may financing be needed?
  • Will you have excess cash to support growth?

Update your short term 13-week forecast for the balance of this year

  • What are the short term cash challenges to overcome and are tax liabilities being reserved?

Update your year-end forecast for tax planning

  • How much will your tax liabilities be and have you reserved enough cash?
  • What are your year-end tax strategies to minimize tax liabilities?

Update your bookkeeping and reconcile accounts

  • This should be an ongoing task to stay current, but sometime gets away from business owners. 

Prepare for 1099’s Due in January

  • Have you been collecting W-9’s during the year from your vendors?
  • A quick review now will prevent a mad scramble in January.

Review your accounting infrastructure

  • Are the right people, services providers, technologies, and processes in place, or are any of these currently inhibiting the business’s growth?
  • Are you, as the business owner, spending too much time on bookkeeping and financial tasks that should be outsourced to a professional?

“Mike

Mike Foss received his M.B.A. from Cleveland State University and B.S from Slippery Rock University. Mike is a member of Institute of Management Accountants. He has a history of having a positive impact on growth, profitability, cash flow and working capital management with his fundamental practice of Minimize Risk/Maximize Wealth. Mike checks his email daily and welcomes any questions, comments, or inquiries to mike@fossbusinesssolutions.com