End-of-Year Financial Planning for Small Businesses

December 28, 2017 6:50 pm Published by Leave your thoughts

As 2017 draws to a close, there are a number of things that small business owners and operators should be thinking about as they move forward into the new year. Correctly calculating year-end finances can be challenging, and working with a qualified financial advisor in Oklahoma City, OK is the best way to ensure that your company is on a path toward success in 2018.

If you are wondering how you should begin preparing for the close of the holiday season, there are a number of things that you should take into consideration. Properly taking stock of your current financial state and casting accurate projections for the coming quarter are all essential to your company’s success in the coming year!

Taking stock

As the new year approaches, you should take stock of several aspects of your finances from 2017, including:

  • Analyze your goals: What were your financial objectives for 2017? How did you go about achieving them? These are important questions to ask yourself as your wrap up your financial year.
  • Note improvements: If your company’s profit margin or cash flow noticeably improved at any point in 2017, be sure to take note of the conditions surrounding that improvement. Think of how you could facilitate those conditions again.
  • Examine your tax strategy: Finally, you should take a look at the way that your company is organized, and determine if there may be a more efficient way to approach taxation and incorporation for future years.

Planning ahead

Once you have taken the time to take stock of your company’s current financial status, you should begin the process of planning ahead for the coming year.

For instance, you should continue to make goals for 2018; however, you should balance them against the reality of your fiscal aims for 2017. Use the lessons learned to make more accurate and achievable predictions.

Pounce upon any noticeable improvements in your company’s cash flow or profit margins, and think of ways to replicate those favorable conditions.

And finally, you may want to consider changing your company’s approach to the way that it files and pays its taxes.

Preparing taxes

The final and arguably most challenging and significant step of year-end business finances is accurately preparing taxes. There are a number of complex documents that will need to be filled out and double checked to ensure that you and your employees are all withholding the correct amount of taxes. Because paying business taxes can be an extremely difficult affair, you should reach out for help from a financial advisor in Oklahoma City, OK if you are at all concerned about the accuracy of your withholdings.

Since 1982, Chrisman & Chrisman Financial Services has been the most trusted financial advisor in Oklahoma City, OK. We are known for our intensive attention to detail and dedication to client satisfaction. Our firm is driven to help your small business succeed. If you are looking for someone to help you take stock of 2017 and move forward with the next fiscal year, you should reach out to one of our knowledgeable and friendly financial professionals today.

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