A little planning goes a long way.
The holidays are upon us, and the new year is around the corner. Yes, it can be a frenetic time of year. But don’t let that keep you from planning ahead. Taking a moment to strategize now could make 2020 your best (and most peaceful) year yet.
Within the past year, have you…
- Sold or purchased a business or real estate?
- Received or exercised stock options?
- Been self-employed, or received income from a flow-through business?
- Experienced cash-flow issues due to unforeseen tax liabilities?
- Recorded significant investment gains or losses?
If you answered yes to any of the above, tax planning is especially important. We can conduct a tax projection to estimate your 2019 liability or refund, and offer tax-planning strategies for you to implement before year-end.
A tax projection is the best way to plan for your specific situation. For general tax-reducing tips, be sure to download our free Tax Planning Guide.
What will the new year bring for your business? Prioritize goals and put them into action with support from a PWB business consultant. Here’s how we can help you prepare for 2020:
- Obtain timely and accurate financial statements through one of our Outsourced Bookkeeping options
- Conduct a financial performance review to increase profit, benchmark yourself against industry standards, and value your business
- Create a 2020 budget for disciplined spending
- Streamline internal accounting processes for better controls and efficiency
- Evaluate your payroll platform and benefits structure
- Determine how the new revenue recognition and lease accounting standards could affect your business
Year-End Financial Statements
Consistent, annual financial statements can help to prepare your company for a future sale. They can also provide some level of comfort to absentee owners. Certain industries, regulators, contracts, and grants require them. Involving PWB with your year-end financial statements benefit your company in several ways. Here are a few examples:
- Secure better terms from lenders
- Lower your insurance premium bill
- Access more credit from vendors
- Strengthen credibility with your customers
Make the most of 2020
Even a small amount of planning can pay off in big ways. And it doesn’t have to take up a lot of your time. We’re here to help you make it happen as quickly and as painlessly as possible. [Cue sigh of relief.] Call your PWB accountant today to get started.