At the end of the year, it is important for businesses to set time aside to reflect and ensure a strong finish and a fresh start.
• Review last year’s revenue goals: Reviewing your goals can let you know if any changes need to be made before the final holiday season stretch.
• Run year-end financial reports: Gives you an opportunity to look at the bigger picture rather than the day-to-day details.
• Update employee and payroll information.
• Update vendor information and files.
• Checking physical inventory: Important for tax purposes as well as evaluating which products do or don’t do well.
• Back up of data: Conduct an end of year data back-up as well as regular back-ups.
• Website check: Ensure your website is updated with any end of year sales/information.
• Consider potential staffing needs: Reflect on the load and whether hiring new staff could be beneficial.
• Business accomplishments: Noting down your business’ accomplishments can be motivating and increase morale.
To discuss your business needs over 2021 come and chat with one of the LT accountants and business advisors. www.LT.com.au