50: 4th Quarter Business Checklist And Accountability Whether You Are Starting A Business, You Are


50: 4th Quarter Business Checklist And Accountability Whether You Are Starting A Business, You Are Self-Employed, A Solopreneur, Entrepreneur, Small Business Owner, Virtual Online Bookkeeper, Virtual Assistant Or VA


Can you believe we are already in the fourth quarter of this year? If you are anything like me, it feels like these last three months of the year go by so quickly and before I know it, January is here, the holidays are over, and it is back to business as usual again. I really try hard to be as prepared as I possibly can be between both my personal life and my business during this busy time of the year, which is why I am covering how to get ready for the end of the year early in this fourth quarter for you. In our house, we do a lot of baking for the holidays…including those amazing cookies I talk about in my intro, so being prepared in my business is extremely important to me so that I have the time available to spend with my family. In today’s episode, I am going to walk through some of the main items you should be thinking about during this last quarter of the year, helping you be proactive and stay on track so that you are able to enjoy your holidays and not be stuck at the office crunching numbers when you’d rather be at home with friends and family. This is also my 50th episode of this podcast. I am so grateful to have so many listeners like you who consider it a valuable podcast. I truly enjoy receiving emails and comments about how this podcast is helping you with your finances, and in particular, your bookkeeping. My goals of reaching as many people as possible and helping you Master Your Small Business Finances has been met multiple times, and I want to thank you from the bottom of my heart for listening and I appreciate all of your reviews. Whether you are just getting ready to start your small business, you’re a solopreneur, entrepreneur, small business owner, remote virtual online bookkeeper or virtual assistant, today’s episode will be worthwhile to you so that you are prepared for your year end. It doesn’t matter if you are using a computerized bookkeeping system like QuickBooks, Wave, Xero or FreshBooks or a manual system such as an Excel spreadsheet or Google Sheets, you will need to follow a year end checklist to ensure you are wrapping up the end of the year in an organized manner. I also have a special opportunity I am going to talk to you about that will benefit you, especially if you are a service-based business in an industry such as a course creator, coach, bookkeeper, virtual assistant, consultant, marketing, web design, recruiting, advertising, copywriter, daycare, house cleaning, interior decorating, online sales, handyman, graphic design, or property management…just to name a few. I receive a lot of questions about bookkeeping, and I think I found a way to help you with your questions and hold you accountable so that we can work together and ensure you get your bookkeeping and finances in order during these last three months of the year. Listen in, and let’s make sure that you can enjoy a healthy work-life balance this upcoming holiday season…


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Show Notes:


Can you believe we are already in the fourth quarter of this year? If you are anything like me, it feels like these last three months of the year go by so quickly and before I know it, January is here, the holidays are over, and it is back to business as usual again. I really try hard to be as prepared as I possibly can be between both my personal life and my business during this busy time of the year, which is why I am covering how to get ready for the end of the year early in this fourth quarter for you. In our house, we do a lot of baking for the holidays…including those amazing cookies I talk about in my intro, so being prepared in my business is extremely important to me so that I have the time available to spend with my family. In today’s episode, I am going to walk through some of the main items you should be thinking about during this last quarter of the year, helping you be proactive and stay on track so that you are able to enjoy your holidays and not be stuck at the office crunching numbers when you’d rather be at home with friends and family. This is also my 50th episode of this podcast. I am so grateful to have so many listeners like you who consider it a valuable podcast. I truly enjoy receiving emails and comments about how this podcast is helping you with your finances, and in particular, your bookkeeping. My goals of reaching as many people as possible and helping you Master Your Small Business Finances has been met multiple times, and I want to thank you from the bottom of my heart for listening and I appreciate all of your reviews. Whether you are just getting ready to start your small business, you’re a solopreneur, entrepreneur, small business owner, remote virtual online bookkeeper or virtual assistant, today’s episode will be worthwhile to you so that you are prepared for your year end. It doesn’t matter if you are using a computerized bookkeeping system like QuickBooks, Wave, Xero or FreshBooks or a manual system such as an Excel spreadsheet or Google Sheets, you will need to follow a year end checklist to ensure you are wrapping up the end of the year in an organized manner. I also have a special opportunity I am going to talk to you about that will benefit you, especially if you are a service-based business in an industry such as a course creator, coach, bookkeeper, virtual assistant, consultant, marketing, web design, recruiting, advertising, copywriter, daycare, house cleaning, interior decorating, online sales, handyman, graphic design, or property management…just to name a few. I receive a lot of questions about bookkeeping, and I think I found a way to help you with your questions and hold you accountable so that we can work together and ensure you get your bookkeeping and finances in order during these last three months of the year. Listen in, and let’s make sure that you can enjoy a healthy work-life balance this upcoming holiday season…


Welcome Back…It’s the fourth quarter. I see many small business owners take one of two positions in this last quarter of the year. Some business owners decide in the fourth quarter their business is just going to be what it is, and however their business did so far this year is how they are going to end their year. Others look at the fourth quarter much like a race. It doesn’t matter which kind of race it is, running, swimming or something entirely different, when you are in a race, you are in it to win it. You always give it your all at the end of the race. You push hard and you try your best to reach your goal or cut your time. This is the kind of business owner I hope you are. I am here to support you and make sure that your fourth quarter goes exactly as you anticipated, and for that to happen, you need to be prepared. You better believe I am going to be here for you, and I’ll be providing assistance and additional guidance to help you get there.


To start off, you need to review your goals. Way back in January or even before, you should have set your goals for your business. Maybe they were focused on sales, customers, or profit, or they could have been something totally different such as making sure you set up your business in a way that you could spend more time with family and friends. No matter what your goals were, take a look at them and see which goals you have met, and if there are any that you still are aiming to reach. If you have any that you are still working on, be serious about meeting them in this last quarter of the year. Write down the steps you need to take to reach these goals and be intentional about blocking off the time you will need so that you can stay laser focused and reach your goals within the next few months. Finish the year out strong.


Next, start creating your budget for the next year and have a strategic plan in place for the future of your business. Yes, this means you will need to set aside some time to have a productive strategy session. Invite individuals who will be able to help you with your strategy, and don’t forget to work on your marketing budget as well. Having all these pieces in place prior to the start of the new year will help to ensure you are on track for another remarkable year. You can also be proactive and start planning now for any cross training you might need to do if you have employees so that you have all your holiday coverage taken care of. This is something you should be thinking about even if you are a solopreneur and you are the only one running the show. Make sure that you have plans in place for the upcoming holiday season.


Now is the time to review any business licenses and permits and make sure they are all up to date or renew them if necessary. This would include any necessary renewals with your secretary of state as well, and make sure any corporate compliance has been fulfilled.


How about your finances? First, make sure your bookkeeping and financials are up to date. Are all of your income and expenses recorded? Have you reconciled all your accounts? If you have inventory, plan for a physical inventory and be prepared to have your year-end inventory numbers. Enter all your invoices for the remainder of the year. Review your accounts receivable and follow up on any past due accounts. Look into your accounts payable and make sure you are paying your vendors on time. Verify any employee and contractor information by obtaining updated W4 and W9 forms if needed. If you have employees, now is the time to decide if you need to make any changes with your payroll processing procedures so that you are all set and ready to go at the beginning of the year. If you need to track your mileage, make sure you have been recording this and be ready to capture your year-end mileage. If you plan on making any changes with your pricing in your business, you can review your current pricing structure and be ready for any changes for the new year. Most importantly, review your bookkeeping procedures. You want to be able to have reliable information in the new year and if the processes you currently have are not satisfying these needs, it may be time to adjust how your bookkeeping and finances are being done.


Once you have your finances in order, take some time to compare how your finances look compared to last year. Are there any areas you need to concentrate on? If you don’t understand your financials, or they are not in order, now is the time to schedule some time to meet with your bookkeeper, accountant, or tax preparer. By meeting with them early, you can also take advantage of any additional deductions that will benefit you in this tax year. This is also a good time to review any estimated taxes and submit any payments if needed.


I know this time of the year brings up a lot of questions for business owners and I know how helpful it can be to have someone guide you along the way to answer your questions and hold you accountable. Maintaining your bookkeeping and financial data is important so that you can make smart and timely business decisions. I have been looking for a way that I could help business owners like you manage these bookkeeping priorities. I understand how frustrating it can be when you are trying to do your bookkeeping and you get stuck because you have a question and you don’t know how to find the answer, or maybe you feel like you need someone who can answer your questions so that you can keep moving forward. I also understand how easy it is to put your bookkeeping as a low priority, and I see it done often. Whether it is because you are unsure how to do it or where to get started, or if it is because you don’t have the time or resources to get it done. I decided to open a membership for business owners like you who are looking for some additional bookkeeping help these last few months of the year by providing answers to your questions on a call where you can submit your questions in advance to be answered during the call. I will record these calls and have them available for you to view at your convenience. I know that many business owners have the same questions and hearing the answers to the questions other business owners have will more than likely help your business as well. I will provide a membership community where you can connect with other like-minded business owners on a platform that is easily accessible to all, since I know not everybody is on Facebook. We will help keep you on track so that your financials are always up to date, and I will provide the recorded calls, additional templates, spreadsheets, and other resources which will dive deeper into the topics I cover on this podcast. For example, I will attach the checklist for this episode with the easy-to-follow steps you should be taking over these next few months. I believe having this additional membership platform will be a nice compliment to the Mastering Your Small Business Finances Podcast by allowing you to receive additional information which will benefit you as a listener to gain the confidence and clarity you need to make a successful impact on your business and grow your bottom line. I am going to open this membership up for a limited time to founding members who will receive their membership at a discounted price, and I will also waive the enrollment fee. This means you will be able to join the Mastering Your Small Business Finances Membership for only $47.00 per month. I am looking forward to meeting you inside the membership, providing you with additional resources and helping you finish this year off strong. If you are interested in joining, you can go to www.FinancialAdventure.com/MYSBF to get signed up. I’ll post a link where you are listening to this podcast as well. With the holidays approaching, you know how quickly time will fly by. Before you know it, January will be here and if you prepare now, you will be ready to hit the ground running in the new year. If you have any questions, please let me know…you can contact me by going to https://www.financialadventure.com/Contact-Us - I respond to all my emails personally, and I love hearing from you.


And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.

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