Whew! April 15th has passed – that has to count for something, right?! Assuming you’ve made it through tax time, right now is the perfect opportunity to do a little spring cleaning in your business.
Here are 5 smart business tips to get you in tip-top shape for Spring and beyond:
1. Organize your business finances to set the tone for the rest of the year. If you’re a small business owner, you likely have estimated tax payments due in April, June, September and January. When you’re overrun with other tasks (like say, managing your business), it’s easy to overlook key tax deadlines and due dates. Get everything in order and set up simple reminders so you don’t forget anything important – which could result in penalties and other hassles down the road.
2. Sort out what’s working – and what needs some attention. Revisit the tools you’re using to manage your business. How well are they working? What about your accounting software: is it making your life easier – or does even the thought of it have you wanting to pull your hair out? Take stock of the tasks you find yourself doing on a frequent basis and ask if there could be a more efficient way to get the job done. Of course, this in turn allows you to focus more on what you do best – your biz!
3. Bust out the duster…check to ensure your information on file with key contacts is up-to-date. We all overlook this critically important task. Do you have a Registered Agent? Now’s the time to make sure your address, phone, and other key contact data is accurate. Are your business licenses current? Do any requirements need to be fulfilled to stay in compliance? Don’t neglect other areas that may need updating, like your info with clients, vendors, and business associates.
4. Tidy up your business records. As a business owner, you know keeping accurate records is an absolute must. Check with your tax professional to determine if any specific records requirements exist for your business structure. Whether you’re maintaining digital or physical records (or both), get your records organized. Many software programs on the market today streamline the records-keeping process, making it easy to maintain your records while staying in compliance for tax purposes.
5. Polish your business plan. Now that we’re nearly mid-way through another year, you may want to refresh your business plan. What’s changed since you last reviewed it? Business plans are never set in stone, but are meant to be reviewed and revised to guide your unique business, your mission, and your overall visions and goals. If you business partners or an entire team, request a meeting to catch up and reflect on where business is at – and where it’s headed in the future.
Tax tip – Purchasing equipment may help offset some of your tax liability; explore how the purchase of business equipment and supplies fits into your overall business plan.
Need some other tax tips to guide you? Try these resources:
- IRS Tax Tips for Starting a Business
- IRS Tips: Recordkeeping & Reporting
- IRS Small Business & Self-Employed Tax Center
Ready to take your business to the next level? I am here to help, with personal attention and professional tax expertise to help you succeed. Contact me today to discover how I can support you in your business goals.