Right about now, you’re wrapping up the year before the holidays, perhaps conducting annual reviews, looking forward to some much needed time off, and planning for a successful 2018. Hopefully you’ve already had a goal setting meeting or two and started planning what’s next for your business.
Here’s an important question: did you include your tax responsibilities in your planning session? We’re not simply being biased when we say that one of the most valuable assets in forecasting your business’s success is working closely with an accountant. If you keep us in the loop for your goals, we can often show you ways to get there easier or additional benefits that can come from your hard work. If your accountant could make some of your new year’s resolutions for you, here are three that we would be include.
1. Meet with Us to Make Your Custom Tax Plan
Your business is unique with its own challenges and needs. That means you require a custom tax plan. Planning at the beginning rather than trying to scramble to pick up the pieces afterward will enable you to take advantage of all the deductions available and maximize all the investments you plan to make. It will also save you some headaches at the end of the year and make tax season smooth. Simply put, you’ll allow our team to be more successful on your behalf!
2. Identify Your Goals
Do you have Specific, Measurable, Actionable, Relevant, and Timely goals for your business next year? Using the S.M.A.R.T. method of goal setting can keep you organized and provide you the steps to take to accomplish the goals you’ve laid out. Talking to our accounting team will give you a roadmap for your business to reach and even exceed those goals. We can help you see blind spots that might pull you off course and then help maximize income, grow your company, or reinvest in it strategically. It literally pays to talk to your accountant about your goals for the year.
3. Keep Those Receipts
Your accountants might ask for your receipts and expense reports from last year, and they’ll definitely want to track them for this coming year. Seeing your expenses will give your accountant a clearer picture of your business’s needs. It’s tough to track what you can’t see. Saving your receipts allows you to have more control over more aspects of your business. It also lets your accountant more accurately assess your challenges and map out the best route to success. Keeping a clear track of your expenses gives our team all of the building blocks to put together a strong plan, as well as providing us the tools of defense in case of an audit.