The first quarter of the new year is only weeks away, the holidays are upon us, and this year (this long, long year) is nearly over!

Now that we can see the end in sight, in addition to breathing a collective sigh of relief, take a look at the checklist below to find out what you need to do to close out 2020!

Clean Up the Books

This may be the most important item on the checklist. This is your last shot at making sure every “i” is dotted and every “t” is crossed. This year may have also brought some unusual changes to your finances. Did you file for any kind of PPP or small business loan? If you partner up with an accountant or tax professional, make sure you consult them to ensure everything goes smoothly next year for tax season.

Speaking of Taxes…..

Prepare yourself NOW. That means in addition to making sure your finances are in order, start thinking about gathering tax documentation including receipts, invoices, sales records, salary information, etc. Once the holiday madness passes and you start to get into the swing of a new year, it’s amazing how quickly tax season seems to sneak up on all of us! Start thinking ahead and preparing now so when it’s time to file you’re more organized and less stressed.

Clean Up Your Inventory

If you haven’t already, start cleaning up all your unsold and unprofitable inventory. Consider making charitable donations of it or cutting prices to try to move it out the door. Be ruthless when it comes to items that haven’t sold well over the last 12 months. Think about what kind of expenses you’re incurring by holding onto it and whether it’s worth it. If not, get rid of it.

Back It Up

If you don’t already have some kind of backup system in place, drop everything and make it happen! Whether you use an external hard drive or a cloud-based storage system, make sure that you’re backing up every ounce of data to protect yourself from any event that could potentially wipe everything out.

Taxes and Charities

Before the year’s end, make sure that any tax-deductible charitable donations you’ve made or plan to make are complete and accounted for. As for taxes, if you make quarterly estimated payments, make sure that all payments have been made timely and accurately.

Last But Not Least…..

Try to have some holiday fun! This year that probably feels like a pretty tall order. It’s natural to want to put all your energy into taking care of all the necessary things on your to-do list when it comes to your business. Just remember that taking care of yourself and enjoying the holidays should be just as high on your priority list!

Happy Holidays!!