Year-End Accounting Advice for Small Businesses

Ensuring a smooth year-end for your business involves some key friendly steps. According to Ty Shea, the CFO of Circle City Broadcasting, tidying up your accounts receivable is like grabbing low-hanging fruit that can significantly boost your bottom line. However, Shea advises against procrastinating on collections, especially as the holiday season approaches when many folks are away on extended breaks. Getting ahead of the game can make a real difference.

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For businesses dealing with inventory, Shea emphasizes the year-end as a crucial time to verify your numbers and prep any outstanding product orders for the upcoming year. Incorrect inventory data, he warns, can disrupt normal operations and put your company on the back foot as the new year kicks in.

Looking to the future, Shea encourages a proactive approach to tax planning for 2024. Starting now allows you to accurately estimate tax payments and ensure your company's finances are in order to meet those obligations promptly. Waiting until the last minute, he notes, could lead to complications spilling over into the new year. So, get a head start on a successful year ahead!