oak-city-floral-hero-bg-v2

Start the New Year Right!

Pin

It’s hard to believe we are over half way through the first quarter of 2022! The January deadline for 1099’s and W-2’s is behind us, but many of you may still have several weeks to go before you can really call 2021 a wrap. Want to make it easier to start the new year right? Think about these questions:

  • Were you surprised that your business goals for last year were not met?
  • Are you stressed out about the entire year-end process and the rush of the New Year?
  • Did you have unexpected changes in your bottom line last year?

If your answer to one or all of these questions is YES, then we are glad to say that you’re right where you need to be. Oak City Accounting is here to help. Here's a little secret: you are more likely to meet your goals if you start the new year right.

Where to Start?

Planning

We’re sure you read that and probably think “well, duh!” but how and where do I start?! So glad you asked! Oak City Accounting Strategies is our CFO Service division of Oak City Accounting. Our primary focus is to help you get a grip on your financial performance and better understand the meaning of your numbers. To make a significant impact and get a leg-up on where you want or need to be by year end, you should create and monitor the following:

  • Cash flow projections
  • Monthly budgets
  • Key metrics to track your goals

Recording

On the flip side, our Oak City Accounting bookkeeping team is here to help with the details. The little details make a huge difference in the accuracy of your financials. They also determine how smooth or rough your year-end process can be. Things that can make a significant  impact are:

  • Accurate and timely record keeping practices
  • Staying on top of necessary paperwork
  • Understanding the impact your business structure has on your financials

Below are a few of our suggestions featured in this month’s Tip-Talk. For more information, please give us a call to set up a consultation or contact your assigned Staff Accountant.  

And some Tip-Talk

  • Talk with Maribeth Christensen, CPA to find out if electing an S-Corp status would be beneficial to your business. The election Form 2553 is typically due by the end of the first quarter of the year. A link to more information can be found on the IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations
  • Get a W-9 form from any new vendor that provides services to you or that you will pay rent to. W-9’s can be the biggest challenge at year-end, especially getting information from somebody who has already been paid. Our tip is to always make  W-9’s a requirement BEFORE you issue a payment to any vendor. Talk with your Staff Accountant or CPA to find out the potential repercussions of a vendor refusing to issue a W-9.
  • For S-Corps: Make sure you understand how S-Corp health and accident insurance premiums are handled. Contact your staff accountant or CPA to determine if you are recording this insurance correctly for shareholders.
  • Ensure your version of QuickBooks is the best one to serve your company's needs. Talk to one of our staff accountants to get more information on the differences between desktop and online versions.
Pin

Related Posts