Portland business owners who have been around the block more than once will know that now is the time to begin preparing for the end of the year. Don’t fool yourself into thinking you have time enough to put off preparing for the end of the year because it will be here before you know it. Now is the time to make sure your accounting is in order. Now is the time to make sure you have the professional assistance of an accountant who knows how to balance the books for your Portland business and get ready all the paperwork that needs to be completed for taxes.
Here are a few things that Portland business owners should be thinking about as the end of the year approaches.
Are You Happy With Your Payroll Provider? Portland business owners who are looking to switch payroll providers will actually find that one of the best times to switch is at the end of the year! This is because switching providers at year-end means you won’t have to worry about gathering and re-entering details like prior-to-service wages, and you can start fresh in the new calendar year.
Make Sure Your Employees Get Paid Too. Unhappy employees are the last thing you want at the end of the year, especially if your business tends to pick up around that time. The holidays come with extra expenses for everyone, too, which is all the more reason to stay on top of payroll! Your normal payroll schedule at the end of the year may be impacted depending on which day of the week various holidays fall, too, so be prepared for that. A great way to make sure you’re on top of payroll is to hire an accountant’s services. The last thing any Portland business owner needs is to have too much on their plate at the end of the year. Hiring an accountant will mean you have a professional who specializes in keeping your accounting orderly on the job. Additionally, this is a good time to make sure your employee’s information is up to date in your systems. Changes in marital status, address, or contact details are all important to keep up with. Make sure your information is accurate!
Prepare For Taxes. Make things easier for yourself in the new year by getting all your ducks in a line now. Taxes need to be done in a timely manner, and preparation is the key! Check in with your accountant to make sure things are in order for tax season.
Mentally Prepare For The New Year. As the end of the year approaches, Portland business owners are in the perfect position to reflect on how business has gone for the past year and plan for the future. Have you reached the goals you hoped you would with your business? How can you ensure you will achieve your goals in the coming year? Use your experience from this year to plan for success in the future.
Need help with your business’s end of year planning? We provide the best outsourced accounting services in Portland. Looking for a professional bookkeeper and accountant to support your Portland business? Business & Accounting Solutions offers a wide range of outsourced CFO services to businesses in Portland. BAS brings knowledge and capability to Portland businesses with our accounting and bookkeeping services. Portland businesses can also look to BAS for other services including cash flow, finance consulting and more. Contact us or call at (503) 710-6213. Know someone in need of CFO services? Consider our referral program.