The end of the year in sunny Fort Lauderdale is the perfect time to take a deep breath and tackle those important business tasks before ringing in the new year. For small business owners, this means planning, organizing, and wrapping up financials to ensure you’re set up for success in the coming year. Yes, it’s a hectic time—but also an opportunity to finish strong. From reconciling your books to prepping for taxes, here’s a quick guide to keep your business finances on track as you sail into 2024.

1. Reconcile Your Books

It’s time to make sure your books line up like a beach chair at sunrise. Start by reconciling all your accounts—bank statements, business credit cards, loans, and lines of credit. Technology is your friend here. Sync your business bank accounts with financial software to make this process smoother. Trust us, it beats manually hunting for discrepancies in a pile of paperwork. Tools like QuickBooks can also help you securely share information with your accountant, so you don’t have to spend your holidays sorting receipts on the living room floor.

2. Prepare for Taxes

While the rest of Fort Lauderdale is enjoying the winter sun, business owners have tax season looming. You can’t procrastinate this one! Now is the time to start gathering essential documents—receipts, expense reports, W9 forms for contractors, and other paperwork your accountant will need. Being proactive in tax prep ensures a smooth start to the new year without that last-minute scramble. Plus, if you start early, you can spend more time lounging at the beach when tax season arrives!

3. Take Care of Your Employees

Your employees are as vital to your business as ocean breezes are to Fort Lauderdale. Make sure to factor them into your end-of-year planning. Review your payroll, employee benefits, and staffing needs. You might even consider year-end bonuses or rewards for a job well done (who doesn’t like a little extra cash for holiday shopping?). After all, keeping your team happy and motivated will only boost your business in 2024. And hey, happy employees are less likely to daydream about quitting and starting their own beachside taco stand!

4. Evaluate and Set Your Budget

The budget you used this year may need some tweaking for 2024. Inflation, cost increases, and inventory changes are all factors that could affect your bottom line. Take time to review your first two-quarter projections. This is also a great time to conduct an inventory check if you sell products—better to know now if you’re swimming in leftover stock. Set sub-accounts in your bank for things like marketing, payroll, and new equipment to help streamline spending. You’ll thank yourself when everything is neatly organized next year.

5. Consider Charitable Donations

’Tis the season for giving—and tax deductions! Charitable donations are not only a way to give back to the community, but they also come with some serious tax benefits. Choose local charities that align with your values, and you’ll get that warm, fuzzy feeling knowing you’re helping someone in need. Plus, come tax time, those donations can help ease your financial burden. It’s like catching a double feature: doing good and lowering your taxable income.

The Bottom Line

Year-end financial tasks can feel like a marathon, but with a little preparation, they don’t have to be overwhelming. The key is staying organized and giving yourself enough time to check off your list before the clock strikes midnight on December 31.

If you find your finances are feeling a little tangled, Viking Funding can help. Give us a call at 754-240-8620 to apply for a financial boost and start the new year off right. Remember, with a little effort now, you’ll have a lot more time to enjoy the Fort Lauderdale sunshine in January!