Review Your Financials – Right now is a great time to meet with your accountant or tax preparer to go over your financials.
Why is it important? Because they can look at your financials and discuss with you what your options are. They are professionals and deal with financial reports on daily bases.
For example, let’s say this is your Profit & Loss Statement for the year. You may say, I have to pay taxes on $52,000! I better go make a large office equipment purchase of $20,000. Your accountant may look at it and say, well your depreciation, interest, ect is not included which totals $20,000. You spent cash that you could have possibly needed for some slow months. Also, the depreciation, interest is 100% deductible where as the office equipment will have to be depreciated.
It is very important to keep in contact with your tax preparer/accountant 3-4 times through out the year. A review of your financials will never be a waste of money, only an investment in your company.
What’s your thoughts?