End of Year Tasks for Small Businesses
2023-12-24 – BE&O A&B
With the end of the year approaching, small business owners need to check a few more items off their to-do lists before turning over the calendar.
Ty Shea, the Chief Financial Officer for Circle City Broadcasting, says one of the business owners’ most important tasks before the year ends is carefully looking at their accounts receivable. Cleaning up that side of the ledger can be critical to increasing revenue to close out the year. And if you cannot collect on any accounts, those unresolved payments can be written off for tax purposes.
Shea says doing the work at the end of the year will save any possible headaches that might appear at the last moment during the busy tax season in 2024. Like preventative maintenance on a car, you’d much rather get an oil change before a long road trip than break down on the side of the highway.