6 End of the Year Tips for Small Businesses

It’s both a magical and a busy time of the year. With the holidays coming up, there are a number of things to keep track of, and plenty of things that can get easily lost in all the hustle and bustle of the season. Here are a few things that small businesses can do now that will help with the upcoming year:

 

1.   Stock up. If cash flow permits, this is a good time to stock up on office supplies like paper, printer ink, and other items that your business will use throughout the year. Getting these things before the first of the year can help you maximize your deductions this year.

 

2.   Make sure your books are up-to-date. Doing this now, before April, will save a lot of headaches and prevent unneeded stress and pressure later. Spend the time to find an accountant who feels like a trusted partner in your business.

 

3.   Spend some time with your technology. From updating your virus protection to backing up your servers and/or computers, this is a great opportunity to make sure that all your technology is ready for the new year.

 

4.   Update your website. Addresses, personnel, hours of operation, and other kinds of information all change throughout the year. Make sure that your website has the latest so that your customers can find you. Consider adding a widget or two if you have time: a map to your business, links to positive customer reviews, or even sprucing up your photos of your location can add interest to your site.

 

5.   Update your mileage reimbursement rates. Check with the IRS or other government site to see what the current rate is. Concur Breeze and Concur Expense users can modify these new rates in the car configuration setup. Employees will be appreciative, too.

 

6.   Run reports to evaluate what kinds of changes you can make in the upcoming year. Check your vendor costs, business travel costs, and other expenditures for insight on your spending habits. Find non-reimbursable expenses for potential misuse of company credit cards. For help on reporting needs, contact your Concur account representative. Concur also offers a Managed Reporting service that can deliver the reports you need, when you need them. Managed Reporting provides a dedicated reporting expert who is familiar with Concur’s data structures, best practices and reporting tools, and can provide the information you’re looking for quickly and accurately.

 

Getting a jump on things now will hopefully lessen the stress come January 2012. Here’s to a fantastic, successful and wonderful new year for your and your small business.

 

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