For most small businesses, December 31st is the end of the business year and January is time to get all the information to your accountant.
A number of small business owners have a hard time tracking their money and miss all kinds of important tax deadlines. If you have any downtime before the end of the year, start getting your expenses and receipts in order. That way, when 2014 comes you won't be making a mad scramble to organize all of your papers.
If you're not already tracking your income and expenses on a regular basis, make a resolution to do so in 2014, it'll give you piece of mind and save you a ton of time at the end of the year.
In some industries, this time of year can be a difficult time to set meetings or get a lot done. With holidays, vacations, year end deadlines, unpredictable weather and a host of other factors, many people are so frazzled they don't have time to take stock and realize that next year is only a few weeks away!
If you get a few quiet minutes this month, take a look at your business numbers to see where improvements can be made for next year. Make sure you are up on any tax payments. Review or get in place an estate plan. As one year ends and another begins, it's a great time to take stock: personally, professionally and health-wise!
Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way. When you're looking for a business lawyer in Philadelphia, the Main Line or New Jersey, we can help.