The fiscal year of businesses does not necessarily coincide with the calendar year. Whether or not our fiscal year ends in a week, (less if we count business days), we must not be so overtaken by the holiday season as to forget that planning aside, there are fiscal issues that we must be watchful of.
Do our budget and financials vary minimally? Is there explanation for the variance? Is the blip a one-off incident or will we need to take the variance in consideration while preparing next year's budget?
We must look out for the year's expenses, asset purchases, write-offs, tax regulations, cash flow trends. Whether or not we have a growing business on our hands, the potential of future growth must be evaluated at this time of year. If we anticipate that the industry is in a lukewarm stage, we must make amendments to our projected growth trajectory. If we are in an overheated, continually growing sector such as real estate, we may need to re-evaluate our human resources.
We must not forget the accounting aspect of year-end which had best be left to a professional, if you do your ongoing bookkeeping yourself. Therefore, please contact me to discuss your year-end accounting requirements. I am highly proficient at a slew of accounting and computer software. I can also help in budget preparation: please contact me for a consult.
A very Happy 2016 to you and may it be one when your business thrives exponentially.