Here we are now entering into November. The snow has hit and so has the realization that winter is here. That being said, it also means the end of a fiscal year. Unless you have received confirmation from the CRA for a fiscal year change, your year end is right around the corner.
Instead of feeling the scramble throughout the holidays to get everything in order, now is a good time to begin wrapping things up. Whether you are hiring outside or having the work done internally there are a few things to get started on.
- Books need to be in order. This means having all of your income and expenses filed and logged.
- Inventory on items sold and what you still have. This can give you an idea of what your best sellers are and what isn’t.
- Finance overview. It is important to see where your money is coming from, where it is going and what you have left. Having a summary for the fiscal year as well as a breakdown monthly has a lot of benefit. You can see when you are most profitable and least. Once you are in business for a few years, you may begin to see a pattern. There may be peak times and slow times which you can then plan for.
- Take a look at your assets. This not only adds to the value of your company, but you will also need the information for insurance purposes. The more assets your company has, the higher insurance policy you should hold to cover costs incase of an emergency.
- Revisit the goals you created at the beginning of the year and see where you are at now. What have you accomplished and what do you need to work on? This will help in creating new goals for the upcoming year.
For more information or assistance in preparing for the end of your fiscal year please feel free to contact us.