If July 1 marks the end of your fiscal year, make sure you’ve completed this end-of-the-year checklist.
Financial report checklist
Start by reviewing last year’s revenue goals. Most businesses set a financial goal then check in every quarter to see if they’re on track to meet those goals. With coronavirus making life a little less predictable, review each quarter in the previous year to better plan for your upcoming fiscal year.
Also run financial reports, including a Profit & Loss Statement, Balance Sheet, and Cash Flow Report. This is always a good idea, and can help save time down the road. If you have any questions, schedule a meeting with your accountant now.
Update files
Update your employee information, including contact and payroll information. Also update vendor contact and payment information as well.
While you’re at it, look into your inventory. Compare both this year and last; what products did you sell during the thick of the quarantine? This will also help when it comes to planning for the volatile future a pandemic can bring.
Also consider staffing needs as well. Did your employees work more, or less this year? Did it average to about the same? Knowing this information can help manage employee expectations.
Back up and reflect
When we say back up, we mean back up the important information you have on both your computer, and phone. Once that is complete, take some time to both reflect and log your business’s accomplishments. We all know it’s been one heck of a year, but by completing this checklist, you can set yourself up for another year of success.
Inspiration for this post came from ondeck.
If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.
