2019 Fall Financial Administration Check-Up Small Business

2019 Fall Financial Administration Check-Up Small Business

STARREBIZ Services caters to small businesses and entrepreneurs for the most part. We are experienced in organizing financials and setting up protocols for these type of businesses to operate efficiently.  Over the years we have noticed that with each year that passes, businesses spend less time in the Fall on keeping up with their accounting. So I think it best to offer some tips to be on track by doing a 2019 Fall financial administration check-up for small businesses.

Here’s what I think is helpful to small business owners who have not had the time (or know-how) to be financially organized heading into the end of 2019. 

  1.  You know those papers all over your desk?  Well create 4 piles on a table for these papers.  Label the piles: TRASH, BILLS, INCOME, LETTERS (or CORRESPONDENCE).  Every piece of paper that comes in from now through the end of the year HAS TO go into one of these piles.
  2. BANK STATEMENTS – Put these in a separate box or plastic bin. These should be for the entire year 2019.
  3. FINANCIAL NOTES – Check your calendar. You MUST put on the calendar a minimum of one whole day each month for the remainder of the year where you will turn off your phone and jot down any notes at all about decisions made this year that have a financial impact. For example, how many new hires are there? Was someone issued a check and it bounced? Did a client or customer forget to pay a high-dollar invoice?   Place these notes in their own separate stack near the other stacks of papers.  
  4. TAXES – Are you required to pay any taxes throughout the year and have not done so? Locate last year’s income taxess, make any copies of the taxes. Label the copy “Duplicate” and place it on the table with all the other papers.  
  5. MEDICAL – Has the company paid any medical bills this year for an employee or for a non-employee? Do you have copies of bills, workers compensation claims, etc? 
  6. FINANCIAL SERVICES – Did the company make any changes to business operations such that caused major changes in the banking accounts? If so, document those changes or find the letters from any financial institution regarding such changes.
  7. VENDOR CONTRACTS  – When is the last time vendor contracts were reviewed? I reviewed a client’s contracts and found that she had been paying for services over a year that were included in her contract for free. The vendor refunded her $3,700. Maybe you have some money due to your company?

This list is not complete, but it is enough to get started. Schedules get hectic around the end of the year. We have seen significant amounts of money that is left on the table because when the end of the year comes and it is time to file taxes the following year, companies are not successful locating important paperwork. 

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STARREBIZ Services is located in Northern Virginia and was establised to provide an array of accounting and business management functions for small businesses.  They can be contacted by clicking here. 

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