End-of-Year Reminders for Your Business
Before you log off for 2024, there are a few things you should check are completed!
The end-of-year means review, review, review (and prepare)!
Specifically, what are you meant to review and prepare? From one business owner to another, take a sigh of relief because I’ve put together the big ones.
So, no more gatekeeping, here are a few of the things you should have done before 2025:
What’s in the Books? What’s in the Books?!
What to do at the end of the year? Review your financial statements! Take time before the year is up to sure that your balance sheet, income statement, and cash flow statements accurately reflect your business's financial position. Proper record-keeping is not only vital for assessing your company's performance but also for meeting regulatory requirements. It’s just good business, literally.
It’s Taxing Work
Canadian businesses need to stay on top of their tax obligations. Consider consulting with a tax professional to explore potential deductions and credits that can optimize your tax position (book your “Ask a Bookkeeper” session to have these questions answered). Ensure all necessary tax forms and payments are submitted by the deadlines to avoid penalties and interest.
Don’t You Forget About Me (Your Team)
The end of the year means tax season is around the corner! Ensure you take this time to prepare and distribute T4 slips by the end of February and summarise employees' earnings and deductions throughout the year. All employment standards must be met and address any outstanding issues, such as vacation balances or employee benefits.
Where Did We Come From and Where Should We Go
Take the time to reflect on your business's performance in the past year. What worked well? What can be improved? Use this insight to set realistic and achievable goals for the upcoming year. Whether it's expanding your market share, improving customer satisfaction, or launching new products/services, a strategic plan will guide your business toward success (check out our Year in Advance Goal Workbook)!
What’s in my Stock(ing)
For businesses involved in the sale of goods, efficient inventory management is crucial. Conduct a thorough inventory count to identify any stock discrepancies. This not only helps in accurate financial reporting but also ensures you start the new year with a streamlined and cost-effective inventory.
Keep it Updated
Stay informed about any changes in regulations that may affect your business. Compliance with federal and provincial laws is essential for avoiding legal issues and maintaining a positive reputation. Whether it's employment standards, environmental regulations, or industry-specific requirements, make sure your business is up-to-date.
To be (Hacked) or not to be (Hacked)
Conduct a cybersecurity check to ensure your systems are secure, and sensitive data is adequately protected. Update passwords, install security patches, and educate your team about best practices to mitigate the risk of cyberattacks. You never know when an attack may come, so it’s best to stay prepared!
These are some of the key things to check on, review and complete before the year is up, or before you shut down for the holidays (if you do).
If you’re looking to make these processes easier, check out Signal’s resources such as:
FREE Checklists (e.g. A Guide to GST/HST, Business Startup Checklist, Monthly Reconciliation Checklist, etc.)
FREE Spreadsheets (e.g. Home Office Expenses Spreadsheet, Profit Calculator, Budget & Cashflow Calculator, etc.)
Signal Operations Inc. Year in Advance Goal Workbook
See you next year!