Top 10 Considerations for Successful Year-End Planning

By Jenni Huotari, CPA

Year-end is often a busy time of year for many business owners. Not only are you working to get your financials in order, you’re also evaluating the numbers, measuring success and exploring opportunities to grow your business. It can be overwhelming, to say the least. And, on top of your regular year-end responsibilities, you continue to have the added complexities of the ever-changing COVID-19 situation.

Year-end is about so much more than just your financial statements. Here are a few key considerations (and helpful resources) to simplify your year-end planning process.

Ten Considerations to Make When It Comes to Year-End Planning

1. Tax Planning & Compliance: Are you prepared to file your individual and business tax return on time? Have you considered how proposed tax legislation could impact your situation? Do you have over 50 full-time equivalent employees? If yes, have you filed the appropriate 1094 and 1095-C forms? Have you had a conversation with your tax advisor to ensure you are benefiting from all available tax credits and deductions?

2. Technology: Have you recently reviewed your technology needs and whether your current software systems are up to date and giving you the information you need? Do you need to explore additional options? Does your technology allow you to operate in a remote or hybrid work environment? Technology is innovating faster than ever, but many organizations’ systems are stuck in the past, creating challenges and slowing growth.

3. Cybersecurity: Have you adequately protected your systems, data and business reputation? Have you adequately identified the cyber threats your business may face? Have you prepared proper training for your staff to prevent a cybersecurity threat?

Read the entire article on the EideBailly website: https://www.eidebailly.com/insights/articles/2019/11/top-10-considerations-for-successful-year-end-planning

Gabrielle M. Brackett