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Run a small business? Follow this end-of-the-year checklist before 2022 ends
The new year is right around the corner, which means it’s time for New Year’s resolutions, paperwork filing and holiday vacations. For busy business owners, there’s a lot to keep track of. Make sure you don’t forget anything important with this small business checklist.
We put together some of the most important steps you should take before the year ends. Now is the time to tie up loose ends, take an inventory of your business and sniff out any weak spots holding you back. It’s important to take some time at the end of each year to do a thorough review of your company.
It doesn’t have to be too hard; just do everything on this checklist and you’ll be fine. You may uncover some hidden fees costing your small business money. Scroll down to make sure you aren’t holding yourself back.
This tip is brought to you by our sponsor, NetSuite. Read to the end to see how NetSuite can transform your business.
There are just 7 steps in our small business checklist for 2022
Here’s what to do to end the year the right way.
1. Check the books
Bookkeeping mistakes can haunt you throughout the new year, holding you back when you want to move forward. That’s why you should review all of your insurance policies, accounts and more.
To close the books, check your:
- Invoices.
- Business expenses.
- Bills.
- Contractor payments.
- Bank account statements.
- Payroll taxes.
- Employee documents.
Basically, you want to make sure all of your papers are in order in case 2023 throws any curveballs, like employee litigation, natural disasters or E&O penalties. Make sure you have the proper coverage so your business can survive any scary surprises life throws your way.
2. Revisit your inventory
Throughout the year, you kept track of losses. You recorded the ups and down on your balance sheets. Before the year ends, do a final inventory count.
It’s best to do this on the day you close your books. If you’re like most small business owners, you’ll do this on Dec. 31. You’ll need these totals when you’re filing your taxes later on.
3. Prepare for new hires
After you take inventory, you may discover that your business is growing. You may find a few talent gaps while closing the books. Examine your staffing needs to find out whether or not you need new employees in 2023.
Just make sure to budget for any additional paychecks. You might be overworking your current employees. New roles can ease the burden — and make your employees happier.
According to Omnes Education, happy employees are more productive. Bottom line: Smiling faces are good for business, so make sure you add some eager beavers to the team.
4. Update your prices
Inflation isn’t going away anytime soon. While you’re checking the books and reviewing everything at the end of the year, think about how the rising cost of living could impact your business. Prepare your business for inflation in 2023 by going through your inventory and seeing if there are any products you’re undercharging for.
You may need to raise your prices, from products to client charges. Although you may have to deal with customer complaints, let them know it’s necessary to cover your costs. Your competitors will probably do the same. After all, it’s necessary to adjust.
5. See if your website needs a breath of fresh air
In today’s digital world, having a website is crucial for small business owners. It’s an important way to connect with customers. However, far too many business owners are content with outdated sites.
Since crafting a website is such a huge task, you might write it off as done in your head and never revisit it. But doing this can hurt your business. If you don’t keep up with digital trends, you can make your site look old and unimpressive.
Keep your site updated, responsive and easy to use. Approach your site as if you’re a customer looking at it for the first time. Look out for anything hindering your access to the products.
You can also run it through these free online tests.
6. Plan for next year’s taxes
Earlier, we mentioned the importance of closing the book before the year ends. Now, let’s dive into more detail.
To put it simply, developing good tax habits can save your business from penalties. You don’t want to fall out of compliance with tax codes. Working with a CPA or a certified tax professional will help you overlook any issues.
You can also hire a tax professional who specialized in small businesses like yours. Talking with someone in the know can help you learn new tips.
Find an expert to discover new ways to save money when you file taxes.
7. Refresh your social media presence
You need to be social media savvy nowadays. Millions of Americans use these apps every day. Outdated accounts can make lose you money-making opportunities.
Being on social media isn’t enough. You should focus on impressing customers with thoughtful and engaging posts. Share content that helps people and stay up-to-date with trends.
Don’t forget to promote your social media accounts, either! You can use widgets to add social media icons to your site. This way, someone can click on a Facebook or Twitter icon to visit your page.
With these tips, you’ll grow your follower amount in no time.
Bonus: See all your business metrics is one spot
Are you still relying on spreadsheets and outdated finance software? To see the full picture, you need to upgrade to NetSuite by Oracle.
Gain visibility and control of your financials, inventory, HR, planning, budgeting and more. With NetSuite, you can automate your processes and close your books in no time while staying well ahead of your competition. Approximately 93% of surveyed businesses increased their visibility and control after upgrading to NetSuite. Over 31,000 businesses already use NetSuite.
This summer, NetSuite has a new financing program for those ready to upgrade! Head to NetSuite.com/KIM for this special, one-of-a-kind financing offer on the No. 1 financial system for growing businesses.
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Tags: budgeting, business owners, digital world, fees, inflation, NetSuite, upgrade
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