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10-Step Financial Checklist: How to Better Prepare Your Finances for the New Year


With the end of the year approaching it can be a bit daunting to get your business affairs in order for the new year. That’s why we’ve created a 10-step financial planning checklist on how to better prepare your finances for 2019.


Get Organized

Even during the busy holiday season you need to take the time to get organized. Take time to declutter your practice. Get rid of old papers and files by shredding, do a deep clean and steam clean your carpets, order holiday cards and write thank you notes for you employees and loyal clients. Don’t wait until the new year to start organizing!


Run an Inventory Check

Depending on your accounting methods, you may be eligible to claim additional deductions on your inventory. You don’t want to miss out on these potential savings before the year ends.


Annual Review

Now is the best time to get a full review of your business. How did your employees perform? What were the best sales tactics and what treatments/packages sold the most? Be sure to sit down with each of your employees as well to get a better insight into what they think worked successfully or didn’t throughout the year. Also, take into account any holiday scheduling and request their schedules for next year to begin mapping out your hours.


Review Policies

After speaking to your team be sure to take their feedback into consideration and integrate with your current policies if deemed necessary. It’s important to review your policies each year to ensure your customer service (and revenue stream) remains 5-star year round.


Donate to Charity

A charitable contribution is not only good for the soul, but also your small business finances. You can donate either money or goods to claim additional deductions during tax season.


Be Tech Savvy 

Now would be a good time to review your website to ensure it’s up to date and no edits need to be made. How up to date is the software you are currently using? Do you need to consolidate any software or systems? There may be a more cost effective system out there that can save you money (and headaches) by combining your current systems into one. Explore all of the options!


Employee Check Up

Never a fun task, but take a moment to review your employees. Which employee performed the best? Who didn’t? Does someone deserve a promotion, pay raise, a demotion or possibly even being let go? What about holiday bonuses? Be sure to read up on another article on how to thank your staff.


Make Purchases

Another tax deduction hack! See what supplies your business needs before the year ends. It can be office supplies, new equipment or upgrades, even vendor payments.


Reconcile Your Books

No matter when your financial year ends it’s a good idea to begin reconciling your books before January. For example, if any expenses need to be discussed with a fellow team member you want to ensure they are around and not on holiday vacation.


Planning is Key

Have you reviewed your current marketing strategy? What worked? What didn’t? Did any promotions work better than you anticipated? Take everything into consideration as you strategize and begin mapping out your sales and marketing plan for the new year.

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