Closing out the business year involves several compliance-related tasks to ensure that your small business remains in good standing with legal and financial obligations. Here’s a checklist to help guide you through the end-of-year compliance process:

  1. Review Financial Statements:
    • Balance Sheet: Ensure accuracy and completeness.
    • Profit and Loss Statement: Review income and expenses.
    • Cash Flow Statement: Assess the cash position.
  2. Reconcile Accounts:
    • Bank accounts, credit cards, and other financial accounts.
  3. Tax Preparation:
    • Work with an accountant to prepare financial statements for tax purposes.
    • Ensure all tax payments are up-to-date.
  4. Inventory Management:
    • Take stock of inventory levels.
    • Identify obsolete or slow-moving inventory.
  5. Employee Records:
    • Ensure all employee records are up-to-date.
    • Confirm compliance with labor laws.
  6. Payroll Compliance:
    • Verify accuracy of payroll records.
    • Confirm compliance with tax withholding regulations.
  7. Vendor and Contractor Information:
    • Confirm all vendor and contractor information is accurate.
    • Ensure any necessary tax forms (e.g., 1099s) are prepared.
  8. Insurance Review:
    • Review business insurance policies.
    • Ensure coverage is adequate and up-to-date.
  9. Business Permits and Licenses:
    • Confirm that all necessary permits and licenses are current.
    • Renew as needed.
  10. Health and Safety Compliance:
    • Ensure compliance with workplace health and safety regulations.
    • Conduct any necessary workplace assessments.
  11. Data Security and Privacy Compliance:
    • Review and update data security protocols.
    • Ensure compliance with privacy laws (e.g., GDPR, CCPA).
  12. Legal Compliance:
    • Review contracts and agreements.
    • Confirm compliance with any changes in laws or regulations.
  13. Corporate Records:
    • Ensure that corporate records (meeting minutes, resolutions) are up-to-date.
    • Renew or update any necessary corporate filings.
  14. Budget Review:
    • Evaluate the current year’s budget against actual performance.
    • Adjust the next year’s budget as needed.
  15. Customer and Vendor Relations:
    • Review and assess relationships with key customers and vendors.
    • Address any outstanding issues.
  16. Technology and Software:
    • Update software and systems.
    • Ensure cybersecurity measures are in place.
  17. Employee Training and Development:
    • Assess employee training needs.
    • Plan for professional development opportunities.
  18. Charitable Contributions:
    • Document any charitable contributions made by the business.
  19. Document Retention:
    • Ensure that all necessary documents are retained as per legal requirements.
  20. Strategic Planning:
    • Evaluate the business’s performance over the past year.
    • Set goals and strategies for the coming year.

It’s advisable to work closely with your accountant, legal advisor, and other relevant professionals to ensure that you are in compliance with all applicable laws and regulations specific to your industry and location.

Is there something you need help with? A process you don’t have? A plan that is missing? Reach out to SEFP to assist you in making 2024 the best year yet!

SEFP 2024 Regional Career Fair

The 2024 Regional Career Fair concluded yesterday, marking a successful 20th event that provided over 270 high school students from 11 different schools with valuable insights into various career paths and educational opportunities. Organized by the Southeast...

SEFP is hiring!

  OPENING FOR ENTERPRISE FACILITATOR Southeast Enterprise Facilitation Project (SEFP), a non-profit 501(c)3 seeks a highly self-motivated individual to assist new, expanding and/or retained businesses.  This is a full-time position. The Enterprise Facilitator...

A Rewind of 2023 for SEFP

In a year marked by empowerment and achievement, the Southeast Enterprise Facilitation Project (SEFP) not only celebrated milestones but also set the stage for future excitement. As 2023 comes to a close, SEFP reflects on a year of fostering dreams, supporting...

Hearing from our Community Stakeholders

On November 8, 2023, the Southeast Enterprise Facilitation Project held a BOLD Stakeholder Event to discuss the progress of various community initiatives. The event provided insights into the current reality of various building blocks, the Make Meaning Gallery Walk,...

Embracing our Existing Businesses

In our rapidly changing world, the allure of the "shiny penny" is undeniable. New businesses, novel opportunities, and the excitement of the unknown often draw our attention. However, in our quest for the next big thing, we sometimes forget the true essence of...

McDugle Paints his way to business ownership

Dreams can become a reality through hard work over time. However, some dreams don’t even surface until we get into the thick of life and work. Issac McDugle did not think about business ownership until others empowered and encouraged him. “If you were to say this is...

Call Now Button