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  • Ryan Seeley

The Guide to a Chill Holiday Close-Out: From a Fractional CFO

Updated: Feb 1

The holiday season's rolling in, and as you edge closer to hitting pause on your work emails, let's not overlook the end-of-year fiscal festivities awaiting your attention. A smart wrap-up now will help dial down the year-end chaos, ensuring you get to actually enjoy the festive season and gear up for a roaring start to the next.

Fiscal Wrap Party: Year-End Done Right

Before you launch into New Year's resolutions, let's make sure your financial ducks are in a row. We're talking about fresh starts and clean books, so when the clock strikes midnight, you're not just cheering—you're clear-headed about the year ahead.

The Essential Year-End Financial To-Do List

Check out this list twice (no naughty or nice judgments here) to ensure you’re heading into the New Year with a clean slate:

· Invoices out? Make sure you've billed for all your hard work.

· Expenses squared away? All those receipts need to find their home in your records.

· Inventory tallied? Knowing what you have on hand is crucial for planning your needs in the New Year.

· Profit and loss statement storytelling session? This is where you read the story of your year and glean the insights.

· Tax documents herded and corralled? Yes, it's a biggie. Get all your tax-related documents in order, because tax time waits for no one.

High-Fives All Around for This Year's Wins

Got some wins this year? Of course, you do. Take a sec to celebrate the milestones that have made your year. They’re not just achievements; they’re your playbook for next year’s strategy.

A group of happy employees celebrating

Bonus Season: Treat Your Team and Your Books

Looking to hand out bonuses? It's more than a cheer boost; it's a strategic move that could play well with the tax folks. Plus, it's an investment in employee satisfaction and retention.

Gifting with Benefits: Charitable Giving

'Tis the season to be jolly and financially savvy. Generosity can align with good business, and can sweeten your tax situation.

Dropping some dollars into the donation box isn’t just good for the soul; it’s potentially good for your tax health. It’s a double whammy of brand boost and possible deductions. Make sure to keep detailed records of all charitable contributions to maximize potential tax benefits.

Tackling Tax Tactics Before the Countdown

As the year draws to a close, so do your chances to make strategic tax decisions.

  • Run the Numbers: Whip up a quick projection to estimate what you might owe. No one likes tax surprises, after all.

  • Strategic Spending: If you're eyeing any big purchases, now might be the time to open the wallet. Spending wisely before the year's end can be a nifty tax-saving move.

  • Hidden Gems in Deductions: Got all your deductions in check? Skim through your expenses again you might find you've overlooked some deductible gold mines.

  • Income Timing: Consider whether it makes sense to push some income into the next tax year, especially if it can lighten your current tax load.

  • Bad Debt Detective: If you've got invoices gathering dust, it might be time to write them off as bad debt, but only if you're working on accrual accounting.

  • Generosity Equals Savings? Mull over whether dishing out bonuses could work in your favour tax-wise. Just remember, the tax man treats bonuses to staff differently than those to shareholders or owners.

  • Tax Status Tweaks: And lastly, does your tax status still fit like a glove? If not, now's your chance for a switch-up.

By putting your tax glasses on now, you're setting up a clearer, more beneficial fiscal picture for your business in the new year. And remember, if the tax tangles start to look like last year's holiday lights, an experienced tax advisor or Fractional CFO can help you sort them out neatly.

New Year, New Financial Horizons

You've got 365 days of data at your fingertips., you’re in the perfect spot to set goals and projections that don’t just look good on paper—they're your blueprint for a banner 2024.

Charting the Course: Budgets and Forecasts

Plotting out next year’s budget can be as fun as fantasy football if you’re into that sort of thing. Get into the weeds with your trends, ask a pro when it gets complicated, and draft a plan that reflects your growth ambitions.

Strategy Remix: Stay Agile

The business world’s always spinning, and the end of the year is the perfect time to pivot and adapt. Maybe it's time to invest in new technology or pivot your marketing strategy.

Enlist a Fractional CFO: Your Holiday Lifesaver

The holiday hustle doesn’t have to mean spreadsheet burnout. With a Fractional CFO, you can delegate the numbers game and focus on... well, whatever you want – (without the full-time commitment). Pass off the heavy lifting of financial strategy and year-end analysis to someone who eats numbers for breakfast. Trust us, your future self, will thank you.

Closing the Books

Let the holiday lights signal the end of a great year for your business and begin tying up your financial loose ends now.

Book your free discovery call to see how our Fractional CFO service and team of financial pros can streamline your finances, help take a load off and prep you for a profitable new year.

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