Year End Checklist for Business Owners

As 2014 comes to an end, it's time to do a bit of house-keeping. The Velvet Cartel team sat down together and made a checklist of operations to conduct before midnight on the last day of this year. We've adapted our list to share with you:

  • Look at your Profit & Loss report. Where do you stand? If you have a larger than expected profit, are there any major purchases you should make now that can be depreciated? Make sure you have the cash. Talk to your accountant if you are not clear of the depreciation rules.
  • Take a physical inventory of your products and make adjustments in your accounting system as necessary.
  • Look for fringe benefits you should report on W-2’s. Some of these could include health & life insurance, transportation subsidies, moving expense reimbursements, educational reimbursement programs, and employee loans you’ve forgiven.
  • Comb through all active websites for errors and check internal links. Check renewal dates for URLs.
  • Update Privacy Policy and Terms of Use. Keep the language up-to-date and consistent with industry standards.
  • Verify active employee data. Check renewal dates for contracts.
  • Verify terminated employee data.
  • Review employee sick time, vacation days and wages.
  • Perform any year-end bonuses.
  • Make any charitable donations.
  • Write a list of all the company’s major accomplishments for the year. Be prepared to share this with your staff, they will appreciate it.
  • Write out your goals and plans for the next year.

We hope you found our list helpful. From the Velvet Cartel team, have a safe and happy New Year!