It’s October! Can you believe how fast the year has gone? With fall comes change but also a sign that we are entering our final quarters of the year. We’ve just wrapped up the end of the third quarter and now we are entering the last quarter of the year as October marks the very beginning of the 4th quarter. This quarter is where we see how we have progressed financially, make goals for the remainder of the year and also the beginning of 2020 as well. There are a few ways to have a successful AND non-hectic 4th quarter for your business which brings us here to How to Have a Successful Non-Hectic 4th Quarter!
Looking into the future
At the end of the 4th quarter, you have to evaluate the goals that were or were not accomplished and what processes and improvement changes need to happen to make the next year better than the previous. Is your bookkeeping and accounting system working well or do you need a system/technology upgrade? With as fast as the world is changing there are always upgrades and the next big thing being launched. Ask yourself what processes do I need to change if any? Is our advertising bringing in the right amount of business as it should be? Don’t make the mistake as some people do waiting until a new year has begun to start making new goals. These are better to plan ahead of time.
Be prepared for tax season
Three more months left of the year and once 2020 hits it will be time for tax season. Gathering all those documents for the tax season can be overwhelming, frustrating and yes – hectic! However, this is to prepare you for what is to come – be prepared! Get started now getting all the information that you will need. If you are hiring new employees, for example, your accountant can help you with any necessary documents because January 31st is the deadline for that. Don’t wait until the last minute to be stressed and in a panic.
Back-up your files
With the year coming to an end, you don’t want the life of your files coming to an end too. Can you imagine losing all your important documentation, files and information because it wasn’t backed up? Not to worry – you will not because we are telling you ahead of the game. Make sure all your information is backed up onto a cloud backup, external hard drive, and computer hard drive. This includes client information, financial data, your advertising and marketing information and any other information deemed important.
Profit or loss?
This time of year you want to take a look at your profit and loss statement to see how things are looking instead of waiting until after you rang in the New Year. If a profit is on hand then that is great and you can see what investment you may want to make that can be depreciated so have a talk with your accountant. With cash on hand, you may be able to expedite some of these investments so that you are entering the New Year strong and not worrying about it in January and rushing yourself.
Client/Employee holiday gifts, cards and holiday party
If you host events for your clients or employees or send client gifts and cards it should already be in your budget but just get started on your list now and make a deadline on when to send this out so you aren’t rushing to mail it when December has already hit!
Looking for more tax tips? Check out our post on Efficient Recordkeeping Can Protect A Company