As the end of the year winds down, small businesses in Whitestone need their owners now more than ever–make sure your business is ready for the new year.
Before you go out and purchase your 2017 party hat and shades, make sure that you have your business taken care of. As a small business owner, you know there is a lot for you to do at the end of the year. Ensure you hit the ground running in 2017 by paying attention to your business accounting and IT. Here is what you need to do for your small business before we turn the final page of 2016 and start a new chapter in 2017.
- Analyze Your Cash Flow Statements
You need to know how your money was spent throughout the year so you can restrict a little here and a little there. You want to take a look at the following three forms of your business’ cash flow:
– Operating activities
– Investing activities
– Financial activities
- Run Standard Reports
Use this time to review where your business stands financially and how that compares to your previous years and what that could mean for the future. You want to create a complete financial report–you can use an accounting software to do so.
- Back Up Your Data
Make sure that all of your files (accounting, client files, creative briefs, emails, etc.) are backed up and secure. You should secure them on an external hard drive and on the cloud.
- Back Up Your Contacts
Most of us simply store our contacts on a digital file and no longer use a phone book. But what if the disc on which your data is stored becomes corrupt? Your contacts are gone forever. Make a habit to write down your contacts or store them on the cloud.
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