How to: Prepare Your Business’s Finances for the New Year

Business Finances

Start the New Year on the right financial foot.

It may be hard to believe, but we’ll soon be in 2017! The days and weeks leading up to New Years Eve can be a hectic time of year for small businesses across the nation, with many racing to get loose ends tied up before the New Year.

With that in mind, try putting a few organization tips into practice to help ready and steady your business’s finances for 2017!

Review business systems

Look at the way your organization operates, and think about the ways in which you could improve in the next 12 months. While you may think that your business has done well this year, success can be very different on paper. Plan for each outcome by identifying an issue and offering a solution.

Run off reports

The only way to know how your business has done is to run off financial reports and assess the damages. If your business has done well, and the profits are far greater than the losses, it’s time to celebrate and talk to the financial advisors on how to buy larger equipment or hire on more hands.

Organize vendor information

Look in your files and make sure that all vendors’ details are updated, such as name, number, and address. While you’re at it, consider if there are any new vendors who you want to work with in the near future, or if a particular vendor is slacking, think about how you’ll assess this in the New Year.

While you take a much-needed break to enjoy the New Year with your friends and family, let the professionals at American Premier Insurance protect your business. With reliable commercial insurance options in Phoenix, Arizona, contact us today to get started!