It's the end of the year, and you made it, but before you celebrate and shout happy new year, there are a few things that your accountant should be recommending you do to help you finish the year strong and get ready for another productive year.
Some things we talked about this week:
1) Whether the numbers make sense for you to run a year-end special
2) Strategies to negotiate for favorable pricing with your vendors
Check out this week's new episode on finishing the year strong.
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Episode Show Notes :
Introduction: Its’s the end of the year and you made it but before you celebrate and shout happy new year there are a few things that your accountant should be recommended to help you finish the year strong and get ready for another productive year. Also stick around for the Tax Tea a business owner found guilty for selling stolen goods on Amazon
The Meat :
Review the financials
How did you do so far, your accountant should be helping you understand your performance so far
What are your top financial performance areas
Year-end special sales - slow-moving inventory/out-of-style trends
Understand your inventory trends - is anything slow moving
Understand your customer preferences - is anything about to go out of style (holiday themes)
Sales for the new year items - New Year New You programs - start promoting early
Cash collections - collecting money from customers who owe usÂ
How are you looking on accounts receivable - look at your aging schedule
Follow up with clients that are behind on making payments
Review your terms of payment on your invoices
Year-end vendor sales - some of your vendors maybe running special deals for stuff that you already want
Vendors often are looking to sell off excess inventory at the end of the year start looking for deals
Tell some of your key vendors we are doing some year end shopping of other vendors are their any special deals they offer for us to sign an early 2023 contract