Wednesday, December 22, 2010

Top Ten Tips - Before Year End

  1. If you have employees, review your WCB claim estimate to make sure you haven't underestimated.  There are penatlies for reporting low that can be avoided by reviewing this now.
  2. Plan time to take a physical inventory count on your last business day of your fiscal year.  Or hire an inventory company to do this for you.  They're specialists and can often finish faster and without paying your staff overtime.
  3. Do a physical backup of your files and store at an offsite location.  9this should be done monthly)
  4. If you use subcontractors, ensure you have T4A forms and up to date vendor information.  Fill out forms and submit before the deadline.
  5. Verify your payroll liability amounts before your December remittance for any last minute changes that might need to be made.  This will avoid penalties & interest.
  6. Review any pre-paid expenses and accrued liabilities.  Are they still accurate?  Do you need to set up any new ones?
  7. Change your password to help protect your data.
  8. While sending out Christmas cards & reviewing addresses, make sure all employee infomration is up to date.  HAs anyone moved, changed phone numbers or emergency contact information since you last looked at their forms?
  9. Review a "Sales by Customer" report and a "Purchases by Vendor Amount" report.  Modify the report to include a "Percentage" % column.  You might be surprised to see where most of your money flows, or what percentage of business you're doing with your best or most difficult clients.
  10. Create a set of new file folders for your vendors, with the new year dated in the right hand corner.