I must apologize in advance. I go through periods of artistic creation. Things go through my mind like a Netflix Series that I just binged watched for hours on end. These periods are when I am at my most creative. Not always a good thing but fun for me. So, here is another thought that I am posting tonight. Enjoy a few tidbits and I even threw in a Holiday Sing-along.
That time of year is approaching. September 30th marks the end of the 3rd Quarter and then comes… well, of course, the 4th Quarter! What did you think I was going to say? Then begins the end of the year process, and when our busy season begins. Where others think about what they are going to wear for Halloween, or thoughts about how you might justify the 20th bite size candy bar you’re going to sneak away from their children’s trick or treat loot bags, we begin to prepare for the Year End EVERYTHING stuff. I am already exhausted just thinking about it.
October 1st starts with a plan. I begin to plan out the priority order for completing client bookkeeping, filing reports and even when and for how long we are allowed to breakdown and lose our minds. Yup, with a good plan comes a well-deserved meltdown. But not much time gets planned for that and then we move onto the next thing in the plan. We consider it “Mental exercise”; then it’s done and over with it; move on!
It’s also a magical time. Pumpkin and Cinnamon fill the air, then just like that, Hobby Lobby stocks the isles with Christmas “I-Got-To-Have-That” decoration supplies for the office and client gifts. The term Write-off becomes a catch phrase, and you start to view them as a lifeline and as a headache. Somehow the magic has cast a spell, and Receipts seem to magically disappear. It happens to all of us.
Let’s address some topics to try to help you through the end of the year without losing your mind. Let us professionals do that for you. Remember, it has already been put into the plan. Let’s talk about some things that can help manage year-end stress without turning into the Grinch and becoming your Bookkeeper and CPA’s worst nightmare.
- Don’t Wait Until December 31st to Think About Your Books
Waiting until the last day of the year to organize your finances is like waiting until midnight on Christmas Eve to do your holiday shopping—it never ends well. Now (September, October and November) is the time to get the important information that your Bookkeeper and CPA have been asking for since the begging of the year. Take it from me, the longer you wait, the longer it will take for your Financials to be completed and turned into your CPA. As I stated before, I am already planning and setting priorities for client accounts to be tackled. Not receiving needed information will just get you pushed back to the end of the line and the next client’s account will become the priority. Take a deep breath, grab a cup of coffee (or wine, no judgment), and start things you know we will need now. If you are not sure of what that is, ask and we will be thrilled to give you a honey-to-do list. Trust me, the Future You will thank Present You when you’re sipping eggnog instead of scrambling for missing receipts, loan statements, new asset paperwork, etc, etc, etc.
- Delegate Like the Boss That You Are
You didn’t start a business so you could do everything yourself. If the thought of reconciling your bank accounts is causing you stress sweats, it’s time to hand that over to someone else. (Hint: Like a really good bookkeeper who also happens to have a witty blog about year-end stress management…) Don’t be a hero—delegate and save your sanity.
- Double-Check Your Deductions
There’s nothing worse than leaving money on the table—except maybe realizing you did it after you’ve filed your taxes. If you are like me, there are expenses that have been paid out of pocket or cash that have not been put into QuickBooks. Pull your personal bank statements and go over the transactions. Those will need to be sent to your bookkeeper to be entered. We are not psychic. I know most of you believe we are, but somehow that end of the year magic drains us of our psychic abilities. Go through your deductions with a fine-tooth comb. Your bookkeeper can send you an excel sheet to go over. This will also let you determine if things were coded correctly and alert you if something is missing.
- Make a To-Do List
Instead of stressing over everything at once, make a list of tasks and prioritize. Yup, that is correct; let’s preplan intermittent stress. First things first: let’s get your books in order. Next, reach out to your bookkeeper or CPA (again, I know a good bookkeeper) to help you figure out what’s left to do.
- Give Yourself a Break
Look, the year-end scramble is real, but don’t forget to step back and breathe. You started a business and that is not a small task. So, pat yourself on the back; you have done good things and have made it this far.
I find that when I get a new account, the business owner shames themselves for what they conceive to be a set of books handed over to me that look worse than the last bug that ran into your windshield. Nothing is so bad that cannot be fixed. That is why we are in business. If all of the business owners were blessed the day, they were born to be super business owners and financial wizards, then we would be in a different profession. But that is not the case, and we were blessed the day we were born to have the ability to look at a page of numbers and find the one that was turned the wrong direction. See what I mean? You are handling a business; let the pencil pocket nerds handle your bookkeeping.
Now, go forth and conquer year-end stress like the boss you are. And if you need backup, you know where to find us! Sing with me….
(Sing it to “Jingle Bells)
Year-end’s near, full of cheer,
Did your bookkeeping fall behind?
Now is time to right the wrong,
Before you lose your mind!
Start today, don’t delay,
Gather what you need,
Statements, loans, receipts, and more,
Your bookkeeper will be pleased!
Chorus:
Jingle bells, stress compels,
Get those books in line,
If you start now, take a bow,
So you won’t be in a bind.
Jingle bells, you’re the boss
No need for any fear,
Delegate, and celebrate,
The end is almost near.