Use This Financial Check List to Get Your Business Ready for the New Year

Get your business finances ready for the New Year with these tips. 

As 2016 ends, it’s time to look to the New Year ahead. Full of promise and opportunity, the coming year is the perfect time to achieve new business goals. However, before you continue to grow your business, it’s important that you have your finances in order. Check out what you need to know about getting your finances in check with this end of year checklist.

Look at Your Cash Flow.

One of the most important aspects of your business finances is cash flow. Without it, you’re left without any revenue to help build your business. Determine how much was brought in, how much was spent, and how it was allocated over time to get a better idea of how your business is doing financially. Look at investing activities, financial activities, and operating activities so that you know have a well-rounded view of your cash flow.

Reconcile Accounts.

At the end of the year, it’s important that you tie up loose ends. Make an effort to reconcile unpaid accounts. Collect on any outstanding bills so that you have more revenue for the coming year. Additionally, it can help make your taxes all the more easy come April.

Analyze Reports.

It’s a good time of year to run reports to see where you need to improve your business. Run reports to look at cash flow, profit and loss statements, and a balance sheet so that you have what you need to determine where you need to make improvements or adjustments in your business finances.

When it comes to your business, get ready for the year ahead by getting your finances in order. Protect your business’s bottom line with the right commercial insurance. Contact the insurance professionals at Moser Group Inc. Located in New York, our experienced, knowledgeable staff will help you meet all your personal and commercial needs.