Closing out the year for any business can be an enlightening process. There is no better time to assess your businesses performance as a whole than during a financial year-end review. You can expect to be informed on what worked well and what didn’t in regards to the impact on your bottom line. This is the ideal time to set new goals, evaluate old ones and get ready to implement changes in the second half of the year.
- Now is a great time to backup all data, include all information that your employees work with on a daily basis. We recommend using an external hard drive and a cloud-based backup system.
- Make sure all contacts for you and your employees are secure. With the potential to lose data during cell phone updates, now is the time to plan to backup client information to a cloud on a quarterly basis.
Best Practice Tip: Website health check – Take an inventory of the products and services listed on your website. Do they match what you currently offer? If not, make this a priority to update this information.
- Flex spending accounts are generally written off at the end of each financial year; therefore, you will want to spend money that is left in your account before June 30.
- Review financial reports and assess net gains and losses. This is the best way to tell where your business stands financially and forecast trends for the following year.
- A new tax season looms with the start of each Financial New Year. Begin getting all of your tax records in order now for either your accountant or yourself.
Best Practice Tip: Review the benefits and compensation packages you offer employees. These items should be added to your new budget at the beginning of the financial year.
- Organize a meeting with your employees to have a strategic discussion on what worked and what didn’t this financial year. They will provide valuable insights and ideas that you may not have considered previously.
- Set new goals for your business, write them down and communicate them to your team.
Best Practice Tip: Examine your staffing needs for the coming year. Look at the workload of each employee. Are you assigning too many projects to one employee? Are there too many employees on one project? Has your business grown but your staff numbers haven’t? If so, the quality of work may deteriorate in the coming year and we would advise that you hire additional employees to accommodate the growing workload and better serve your customer’s and business needs.
Consider this financial year like the business version of a New Year’s resolution — it is a great time to take stock of what you’ve got going on so you can start the next financial year on the best possible foot.