Credit Guide

Cleanup and Planning: Year-End Checklist for The Self Employed


As the end of the year approaches, it's important to both
close-out the old year properly as well as plan for the new
year. I recommend you start this process in early December
so that there isn't a last-minute rush to complete your
year-end closing tasks. Here are some idea that you might
want to add to your checklist:


Cleanup and Closing Tasks

*** Enter all revenue and expenses into your recordkeeping
system.

*** Send final invoices for current year.

*** Reconcile your bank account records with bank statements.

*** Estimate your last tax payment for the current year (many
self-employed people make quarterly estimated tax
paymentsàthe final payment is usually due on January 15)

*** Mail holiday cards and gifts to clients/customers

*** Make holiday offers to clients/customers

*** Clean out old files/emails

*** Create year-end accounting reports and compare to goals for
year

*** Tally business-related mileage for year

*** Tally expenses by vendor and prepare 1099's if needed

*** Contact your accountant and discuss year-end tax planning



Planning Tasks for the New Year

*** Write a list of goals

*** Write a list of tasks that need to be accomplished in order
to make those goals

*** Write a list of projects you'd like to start or complete

*** Create an updated marketing plan

*** Create an updated budget

*** List the topics you'd like to study, the classes you'd like
to take, or the books you'd like to read, to keep you up-to-
date with your industry and business skills

*** Schedule upcoming classes you'll teach and distribute that
Calendar of Events to clients and staff


Cleanup and planning tasks don't just happen in December and
January. If you review these tasks quarterly, they won't
sneak up on you at the end of the year.

Have another idea of what to add to our Checklist? Please
email me your ideas and suggestions here:

http://www.passionforbusiness.com/send-email.htm


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® Karyn Greenstreet 2003.

Karyn Greenstreet is a Self Employment Expert with 23 years of
self-employment and computer industry experience. She shares tips,
tricks and techniques with self-employed people to create and grow
their businesses, stay focused and motivated, and work at
peak performance. Visit her website at
http://www.PassionForBusiness.com
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