The holidays will be over before we know it so it is always good to be planning for the future. So structuring a financial plan for Spring now, really isn’t that bad of an idea. While it may still be a little early to start thinking about Spring cleaning, it is never to early to structure a financial game plan.
CEO of CorpNet.com, Nellie Akalp, has shared the 6 following organization tips below to help you get your small business finances in check:
1. Talk to a CPA – Now’s the perfect time to make an appointment with your tax advisor, as you’ll both have more time to discuss your financials and will be focused on long-term strategy, rather than getting through this year’s tax season.
2. Re-evaluate Your Business Entity – Many small businesses start out as sole proprietorships or partnerships, but then eventually transition to another entity as they grow. For example, if your business is not incorporated, you may want to consider incorporating (or forming an LLC) to shelter you from some financial risk and possibly save money on taxes.
3. Review Estimated Tax Payments for 2012 – It’s a good time to review what your business has made year to date and your forecast for the rest of the year. Then assess your estimated tax payments to avoid having to dole out underpayment penalties next year. Likewise, there’s no reason to overpay with your estimated payments; interest rates may be low, but there’s still better things your business could be doing with that money.
4. Separate Business and Personal Finances – If you haven’t done so already, take the steps to keep your personal finances and expenses separate from those of your business. This is mandatory if your business is an LLC or Corporation, but it’s good practice for sole proprietors as well.
5. Use a Cloud App to Get Organized – There’s no shortage of affordable cloud-based and mobile apps to help small businesses streamline their operations and finances. Of course, in the daily grind of running your business, it’s all too easy to stay with the status quo. This spring make the time to try out at least one new web-based tool. For example, there’s FreshBooks for invoicing, Expensify for expense reporting, and countless other time tracking, travel, and industry-specific apps.
6. Don’t Forget Traditional Cleaning – When was the last time you cleaned your laptop keyboard or wiped down your phone headset? Ever mistake dirt on your display for punctuation? There’s no reason not to take the term “spring cleaning” literally and clean your devices to keep them looking their best.
You don’t have to take action right now but structuring a plan for the new year will save you time and money.
What else would you suggest including in a financial game plan for next year?