The end of the year is an excellent time to review the year and start preparing for changes that could be useful in the future.
Review your documentation
Utilise this time to update documentation. There may be paperwork that you no longer need or that you no longer need to store in certain premises. Updating and reviewing paperwork can help correct any mistakes that may have been made and alert you of any new documentation that needs to be attained. Making sure that your records are in good order for the New Year will mean there is one less thing you need to worry about.
Prepare tax paperwork
Once your documentation is updated, consider reflecting on your taxation. Ensure that you have fulfilled all the necessary requirements and your business is abiding with all regulations. Resolving any issues during this period rather than waiting till the last minute will prevent further complications. Consulting an advisor regarding any concerns might simplify this process and make it more efficient.
Provide feedback to employees
Taking the time out to provide your employees with specific feedback is integral to progress. This information will let them know what they are doing well and what your expectations are for areas you believe require improvement. This is also a good time to ensure that your employee agreements and records are correct and reflect accurate and up to date information.
Reflect and analyse your business at the end of the year so that you can prepare for the year ahead. Assess whether your business is performing according to the goals you had set. Different strategies will need to be adopted depending on if you are or are not meeting these goals. Goal-setting will allow you to plan early on what type of strategies are appropriate.
Executing these tasks will prepare you for the New Year and relieve additional stress that may come with starting up after the holiday season.
For more information about business advice and accounting into the new year speak with one of our team at LT. www.LT.com.au