End 2020 With A Check List

 

Congratulations
2020 is almost over. You made it. 2020 is a year that we won’t forget anytime
soon. Some of you may have been impacted significantly, some of you things didn’t
change much. Now is a good idea to wrap up any loose end before December 31. A
checklist can save you stress and better prepare for the next year. Here are a few
things you can do to have a successful 2021.

1.     End-Of-Year
Reviews

The
end of the year is a great time to do performance reviews with your employees.
This opportunity allows your employee to see what they have accomplished for
the year. Plus, a chance to set goals for the new year.

2.     Get
W-2 Information Ready

Typically,
W-2s are due by January 31, now is the time to make sure all information is
correct. Get a jump start on it, so you won’t be in a hurry. This can be done
during end- of-year performance reviews so you kill two birds with one stone.

Check each employees:

·       
Social Security Number-make sure the
number is correct.

·       
Employees Address- they may have moved this
year.

·       
Employees Name-they may have gotten married,
legally changed it, divorced, etc.

·       
Any Withholdings-Medicare, federal & state
income tax, social security, insurance, etc.  

·       
Number of Dependents-birth or adoption of
a child

3.     Catch
Up on Bookkeeping

Balancing
all your books at the end-of-the year is a good business practice. Be sure all
your income and expenses are accounted for the year. This will help you make
financial decisions in the coming year. Sit down with your accountant to make
sure everything is in order. Pro Tip: SWVA Tax & Accounting is the best
place to do this!  

4.     Take
a Look at Your Marketing Plan

Objectively
look at your marketing plan and see if your goals were met. You may have not met
them all, which is fine. This is a good time to make any necessary changes so
you can met your goals. Re-think and plan how you want to use marketing to
drive more business to you. Remember changing a marketing plan is ok if it
doesn’t work.

5.     Set
Business Goals for 2021

With
the year coming to a close, set goals and a plan to reach them for the next
year. As a business owner goals setting challenges you to get better at what
you do and how to do it. Bear in mind goals are good as long as they are
reachable and realistic.

6.     Thank
Your Customers

Today
every small business needs all the support they can get. Take the time to thank
all your customers with a thank you card. Let them know you appreciate their support
over the year and look forward to the new year. Plus, this is a good time to
announce an event that kicks off the new year.

7.     Take
Time off and Celebrate the Holidays  

Everyone
needs time off including business owners. Make arrangements so you can take time
off and enjoy it. It only comes once a year so take a break. Drive around and
look at Christmas lights with family. Or make holiday treats with family and
friends. Regardless, take time for you and don’t feel guilty about it.

    Tailor
your end-of-year list so it works for you and your business. Every business
owner needs a accountant to help them be successful. Look no further than
SWVA Tax & Accounting for all your accounting needs. They can help with a
wide range of services from Quick Books to financial analysis. Click here to book online or
call 540-250-3198 to schedule an appointment. We’ll run the numbers, while you
run the business. 

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