Ka Wai Ola - Office of Hawaiian Affairs, Volume 38, Number 11, 1 Nowemapa 2021 — End-of-Year Checklist for Small Businesses [ARTICLE+ILLUSTRATION]

End-of-Year Checklist for Small Businesses

4 THE VOICE OF NATIVE W ^ HAWAIIAN BUSINESS r

By Jennifer Parr November is a hectic time for business owners. Besides preparing for the holiday season sales rush, you're also scheduling employee vacations, juggling your own social obligations, and trying to ensure your business is compliant with the ever-changing C0VID-19 safety rules. It's no wonder the big picture tasks get put on the back burner! To help keep your business on track, here are three things you should consider doing before the year is up: ( 1 1. Get your finances in order. If t you haven't been keeping track ] of your finances, now is the time , to get caught up. Investing time j now will allow you to fix mistakes or implement strategies J to correct shortcomings before i the end of the year. Your bank ± statements should be reconciled, ( and your halanee sheet and prof- , it and loss statements should be j reviewed for accuracy. When you ] clearly understand your hnaneial position, you will feel confident and empowered to make sound ' hnaneial decisions. ' l 2. Meet with your accountant. ■' Onee your financials are in order, t bring them to your accountant 1 for tax planning. Your aeeoun- ( tant should be able to advise ] you on some ways to end the ; year strong. Depending on your ; cash flow, you might consider purchasing equipment or sup-

plies, making necessary repairs, installing a photovoltaic system, giving your employees year-end bonuses, or maxing out your retirement plan. These strategies could help reduce your taxable ineome while at the same time adding tremendous value to your business. 3. Give thanks. As you wrap up the year, it's important to set some time aside to reflect on your business accomplishments and think about all the people who helped make them happen. Small gestures to show appreciation to your employees and customers ean go a long way. Send a note, offer a discount, or deliver a unique gift. Additionally, monetary cash contributions to qualified charities with causes you support are tax deductible and helps nonprofits further their mission and goals. No matter how busy you are during the next few weeks, don't forget to take some time to review this checklist. By focusing on a few tasks, you should be able to end the year on a positive note. ■ JenniferParr ispassionate about helppeople achieve their financial goals. As an accountant for Kaua'i based cotnpany, C & J Financial Services, she provides a wide range oftax and bookkeeping services to individuals, and nonprofit organizations throughout Hawai'i and the mainland. She has a master's degree in business administrationfrom Willamette University, and a bachelor of science degree in mathematics from the University ofRedlands. She was and raised on Kaua'i, and is a graduate ofKamehameha Schools. To learn more about her work, visit: cjfinancialservices.com orfollow her on social media at @cjfinancialservices